Jeff Bezos's AI lab Project Prometheus nears $38 billion valuation in $10 billion funding deal

Jeff Bezos's AI lab nears $38bn valuation in funding deal

Jeff Bezos is close to a $10bn fundraising deal from investors at a $38bn valuation for his lab, which is focused on AI that can understand the physical world and transform engineering and manufacturing. The company, code-named Project Prometheus, is planning to imminently close a funding round at a valuation of $38bn, including the new money, according to people familiar with the deal. The agreement, which would make the company one of the best-financed early-stage start-ups globally, includes an initial $6.2bn raised in November but has been extended because of demand, the people added. Bezos is among the initial investors. The Amazon founder's AI venture marks the first time he has served in an operational role since stepping down as chief executive of the ecommerce giant in 2021. The new funding is separate from a holding company that Prometheus is also raising tens of billions of dollars for, which aims to acquire equity stakes in businesses that it anticipates will be disrupted by the technology it is building, as previously reported by the FT. This could include engineering, architecture and design companies. The investment holding company would have access to data from its portfolio businesses to train Prometheus's AI systems. Bezos and co-chief executive Vikram Bajaj have been leading both fundraising efforts. JPMorgan and BlackRock are among the investors in the new round, said a person familiar with the matter. The round is expected to close soon but has not been finalised. Prometheus, BlackRock and JPMorgan declined to comment. The company -- based in San Francisco, with offices in London and Zurich -- is working on AI systems that understand the laws of physics and can be applied across physical industries. It aims to use specialist models to speed up manual processes and make them less resource-intensive. It has hired hundreds of staff to support efforts, including AI scientists, experts in specific industries and people who have experience building out computing infrastructure. Earlier this month, the FT reported that the company had poached Kyle Kosic, a former OpenAI employee and xAI co-founder, to work on infrastructure projects. Kosic had previously led efforts at Elon Musk's AI start-up to build its Colossus supercomputer.

Jeff Bezos' AI lab nears $38 billion valuation in funding deal, FT reports

April 20 (Reuters) - Jeff Bezos' artificial intelligence lab is close to raising $10 billion in a new funding round, valuing the new startup called Project Prometheus at $38 billion, the Financial Times reported on Monday, citing sources. The fundraising comes amid strong investor enthusiasm for AI ⁠companies as heavy technology spending reshapes businesses across sectors. Reporting by Carlos Méndez in Mexico City; Editing by Subhranshu Sahu Our Standards: The Thomson Reuters Trust Principles., opens new tab

Jeff Bezos' AI lab nears $38 billion valuation in funding deal: FT - The Economic Times

Jeff Bezos' AI lab, Project Prometheus, is reportedly nearing a $10 billion funding round, valuing the startup at $38 billion. Investors like JPMorgan and BlackRock are participating in this significant venture. The company is focused on developing AI for engineering and manufacturing across various industries.Jeff Bezos' artificial intelligence lab is close to raising $10 billion in a new funding round, valuing the new startup called Project Prometheus at $38 billion, the Financial Times reported ⁠on ⁠Monday, citing sources. The fundraising comes amid strong investor enthusiasm for AI companies as heavy technology spending reshapes businesses across sectors. JPMorgan and BlackRock are among the investors in the new round, ⁠the newspaper said, adding that the fundraising was expected to close soon ⁠but had not been finalised. The startup is focused on AI for engineering and manufacturing computers, automobiles and spacecraft, according to media reports. Amazon.com founder Bezos is among the initial investors in the venture and has been leading the fundraising effort alongside co-chief executive Vikram Bajaj, the report ⁠said. BlackRock declined to comment. JPMorgan and the project's co-founders, Sherjil Ozair and William Guss, did not immediately respond to Reuters' requests for comment. Bezos could not be reached for comment.