Denver, CO, May 16, 2024 — Bast AI, a leading creator of enterprise-grade explainable artificial intelligence technology, is proud to announce it has been awarded an Early-Stage Capital and Retention grant from the Colorado Office of Economic Development and International Trade (OEDIT). This prestigious grant is part of OEDIT’s Advanced Industries Accelerator Program, which aims to drive innovation, commercialization, and public-private partnerships within Colorado’s advanced industries.
The $250,000 grant will support Bast AI in further developing its state-of-the-art AI platform, designed to create transparent, secure, accurate, and fast language models. These models are crucial for businesses seeking reliable AI solutions that prioritize explainability and trustworthiness, addressing a significant need in today’s technology landscape.
“Winning this grant is a testament to our commitment to innovation, excellence and ethical AI technology,” said Beth Rudden, CEO of Bast AI. “We are excited to continue our work in advancing explainable AI accessible and secure, fostering greater transparency and understanding in AI applications across various industries.”
OEDIT’s Global Business Development Director, Michelle Hadwiger, emphasized the importance of such grants in bolstering Colorado’s position as a leader in advanced industries. “The Advanced Industries Accelerator Program supports startups and research institutions in discovering and commercializing new, life-changing technologies while creating good-paying jobs for Coloradans,” Hadwiger stated.
Bast AI is among 34 Colorado companies and eight researchers awarded Proof of Concept and Early-Stage Capital and Retention grants this cycle. The program, which received 110 applications, allocated a total of $8,980,117 in funding to advance technologies in life sciences, advanced manufacturing, the circular economy, and resource management.
For more information about Bast AI and its innovative AI solutions, visit https://bast.ai
About Bast AI:
Bast AI is dedicated to developing cutting-edge, explainable AI technology that prioritizes transparency, security, and accuracy in language models. Based in Denver, Colorado, Bast AI is at the forefront of AI innovation, helping businesses implement trustworthy AI solutions.
About OEDIT:
The Colorado Office of Economic Development and International Trade (OEDIT) works to advance Colorado's economy through financial and technical assistance in support of local and regional economic development activities throughout the state. OEDIT’s Advanced Industries Accelerator Program promotes growth and sustainability within Colorado’s advanced industries.
Bast AI Contact:
Sarah Fink, Head of Marketing