Flam raises $40 million in Series B funding led by QED Investors

Flam, an AI interactive content company, has raised $40 million in Series B funding led by QED Investors.

The funding round also saw participation from Claypond Capital, Martin Chavez, Olivier Pomel, Venky Harinarayan and Shah Rukh Khan. Existing investors RTP Global and Dovetail also doubled down.

The San Francisco-based startup, which has teams in India and Japan, will use the fresh capital for R&D on its AI models, expanding its product suite and scaling enterprise sales globally. Flam has signed more than 100 enterprise customers in six quarters, including Google, State Farm and Diageo.

Founded in 2021, Flam is an AI interactive content company offering interactive videos, 3D experiences and AI-powered visual agents. The startup holds more than 15 patents and operates three AI models.

"Flam is built on a simple observation. Content has moved in waves, from text to images to video, and every wave flowed one way, creator to viewer. We think interactive is the next default for the internet," said Shourya Agarwal, founder of Flam. "The demand was always there. The technology wasn't. We have made interactivity effortless to build and deploy at enterprise scale."

Nigel Morris, co-founder and managing partner at QED Investors, said, "Almost every frontier AI content company we see is optimizing what already exists. Flam pointed at something else: how much of the content ecosystem is still untouched."

"The traction was too exceptional to ignore," said Sandeep Patil, Partner at QED Investors. He added that Flam’s growth, AI research and enterprise partnerships made the company stand out.

Flam last raised $14 million in Series A funding in May 2025, led by RTP Global, with participation from Dovetail and other strategic investors. The round took the company’s total funding to $22 million at the time.