ValueBase, a Durham startup backed by OpenAI CEO Sam Altman, has raised more than $6 million with plans to close on more funding in the coming weeks.
The company, which filed with the SEC under Geo Land Solutions but does business as ValueBase, raised nearly $6.3 million of a planned $7.8 million equity round. According to a securities filing, a second closing is anticipated within 30 days “in which the remaining amount will be sold to a current investor.”
The firm has attracted 15 investors so far to the round, according to the filing.
ValueBase started as a research group, according to its website. The goal was to use technology to make property assessments more accurate. ValueBase was founded “to support assessors who want to use the latest techniques and make their values as accurate as possible, but don’t have the capacity.”
“By leveraging machine learning, we have developed systems that can make large scale multiple regression easier, and created data visualizations to make our models easily understandable and explainable,” the website says.
The firm was cofounded by Will Jarvis, a UNC graduate and Forbes 30 under 30 in Finance winner.
Hydrazine Capital, a fund led by Altman and his business partner, Ryan Cohen, is reportedly an investor, as is Nat Friedman, former CEO of GitHub.
The company did not return a request to talk about the raise and Jarvis wasn't available.
