By Milana Vinn and Krystal Hu

(Reuters) -Swiss AI lab Giotto.ai is seeking to raise funding at a valuation above $1 billion, pitching itself as Europe’s latest contender in the race for artificial general intelligence (AGI), people familiar with the matter told Reuters.

The Lausanne-based startup has hired investment bank Lazard to help raise more than $200 million, the people said, requesting anonymity to discuss private matters.

The company told prospective investors that the capital will be used to invest in AI research, build its first commercial prototypes with enterprise and government clients, as well as open source some of its core technology, the sources said.

Giotto and Lazard declined to comment.

The fundraising will test investor appetite for a new entrant outside Silicon

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