Prentis, a new artificial intelligence research lab launched this April, is set to raise $100 million at a valuation of $1 billion. The lab’s focus lies on creating AI agents designed to automate routine office tasks such as handling insurance claims and customs duty refunds.

The startup has already secured contracts worth up to $50 million with various clients including healthcare services, manufacturers, and clothing producers. TechCrunch reports that Prentis predicts an estimated annualized run rate of $75 million by the third quarter this year, based on a contracted fee equal to 20% of savings realised.

Their Hive-32B model is claimed to outperform rivals such as OpenAI’s GPT and Anthropic’s Claude in two benchmarks: WindowsAgentArena, which measures end-to-end task completion on real Windows applications; and ScreenSpot-v2, testing the ability to find right on-screen controls. Prentis argues this edge comes from running a much smaller, cheaper model, making it more economical for everyday workflows.

The lab is part of Titan, a holding company founded by Ritankar Das. A serial entrepreneur, Das has previously launched successful AI ventures like Tala Health and Forta Health. Co-founders Reid Hoffman and Marc Pincus are both tech heavyweights with extensive backgrounds in the industry.