Tuesday, January 6, 2015

TenOneTen, A-Grade Get Quick Exit As Facebook Buys Wit.ai

Two, local Los Angeles area startup investors have gotten an early--and potentially, very lucrative--exit over at Wit.ai, a Bay Area startup working on natural language processing software and voice recognition technology. Wit.ai said today that it has been acquired by Facebook. Financial terms were not disclosed, however, Wit.ai had only raised $3M in a seed funding in October of 2014, which was led by Andreessen Horowitz, and also included Ignition Partners, NEA, A-Grade, SVAngel, Eric Hahn, Alven Capital, and TenOneTen. A-Grade is the investment firm of Ashton Kutcher, and TenOneTen is the investment firm led by David Waxman and Gil Elbaz.