The personal assistant, still without mobile application and SMS driven, increased from $2.5 billion to $10 billion in value-added five weeks after its previous turn.
On September 28, Instinct announced a $1 billion Series C round led by Sequoia Capital, Benchmark Capital and Coatue, which brings its valuation to $10 billion. The gap with the previous round is striking: in August, the start-up raised $350 million on a $2.5 billion basis. Five weeks were enough to multiply the price by four.
However, the product remains deliberately rudimentary in its form. No mobile application: the user communicates with his agent by SMS, and the latter is responsible for making restaurant or travel reservations, shopping, paying bills, cancelling subscriptions or shopping for food. The recent additions are in the direction of even more delegation, with a concierge service capable of making phone calls and a network of "trusted persons" allowing several agents to coordinate a plan with each other.
No user figures or revenue accompany the announcement, the founder simply stating that everything is just beginning. The fundraising can therefore be read less as the validation of a measured traction than as a bet on the category of the consumer agentic personal assistant.
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