10:43 AM EDT, 06/04/2024 (MT Newswires) -- Touchcast, a startup which stores frequently asked artificial intelligence queries, is raising $100 million from venture backers including Microsoft ( MSFT ) , Bloomberg reported Wednesday.

Touchcast saves and displays answers for widely used AI prompts, which decreases the computational resources needed for AI models like the one used by Microsoft ( MSFT )-backed OpenAI, the report said.

Also backed by Accenture (ACN), Touchcast will get a a valuation of at least $350 million after the new funding, Bloomberg quoted the company's chief executive, Edo Segal, as saying in an interview.

Segal didn't provide details on how much capital Microsoft ( MSFT ) has infused, according to the report.

Microsoft ( MSFT ) didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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