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On Wed, 26 Feb, 8:03 AM UTC
3 Sources
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Perplexity AI Unveils $50 Million Fund to Propel AI Startup Innovation
Perplexity AI launches a $50 million venture fund to support AI startups and innovation in the technology sector. Perplexity AI has launched a $50 million venture fund to fuel innovation and growth in the AI industry. Targeting seed and pre-seed investments, the fund aims to support the development of AI-powered technologies, including advanced and machine learning solutions. Led by CEO Aravind Srinivas, this strategic move aligns with Perplexity's vision of pioneering breakthroughs in artificial intelligence while solidifying its position in the rapidly evolving tech landscape.
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Perplexity AI launching $50 million venture fund to back early-stage startups
Perplexity AI logo is seen in this illustration taken January 4, 2024. Perplexity AI, the developer of a popular artificial intelligence search engine, is close to raising a $50 million venture fund focused on early-stage AI startups, CNBC has learned. The company will be an anchor investor in the fund, but most of the capital is coming from outside limited partners, according to a person familiar with the matter who asked not to be named because the information is confidential. The two general partners of the fund are also coming from elsewhere. They are Kelly Graziadei and Joanna Lee Shevelenko, who have been running early-stage fund f7 Ventures, the person said. Perplexity has been in the middle of the generative AI boom that began in late 2022 with the launch of OpenAI's ChatGPT. CNBC reported in November that the company was in the final stages of raising $500 million in funding at a $9 billion valuation. Perplexity is viewed as a potential competitor to Google as more consumers turn to AI to search for information online. Last month, Perplexity also made a bid to merge with TikTok U.S. as the social media platform faces a potential U.S. shutdown. The company sees a potential investing advantage when it comes to startups because roughly 80,000 developers are plugged into its network, so Perplexity gets visibility into who is using its application programming interface (API) and who is most active in their consumption, the person said. Perplexity's founders and investors are putting money into the fund, and some of the company's commitment is in the form of stock, the source said.
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Report: Perplexity Creating $50 Million Venture Fund for AI Startups | PYMNTS.com
Perplexity AI is reportedly creating a $50 million venture fund focused on U.S.-based pre-seed and seed artificial intelligence (AI) startups. The company, which is an AI startup itself, will be an anchor investor in the fund, but outside limited partners will provide most of the capital, CNBC reported Tuesday (Feb. 25), citing unnamed sources. Reached by PYMNTS, Perplexity declined to comment on the report. It was reported in December that the company closed a $500 million funding round earlier that month, with its backers including SoftBank, Nvidia and Amazon founder Jeff Bezos. The round tripled Perplexity's valuation to $9 billion. On Monday (Feb. 24), Perplexity announced that it plans to launch its own web browser, dubbed Comet, and invited people to sign up on a waitlist. The company said in October that its search engine served over 100 million queries per week. In November, Perplexity introduced an AI-powered shopping assistant called Buy With Pro that helps shoppers both research and purchase products. Forty-two percent of U.S. venture capital was invested into AI companies in 2024, up from 36% in 2023 and 22% in 2022, HSBC Innovation Banking reported in December. "Venture capital has always gravitated toward transformative industries, but the level of consolidation we're seeing within one category is unprecedented," HSBC U.S. Innovation Banking Head Dave Sabow said at the time in a press release. "The radical change this investment will fuel places us in the dawn of 'The Agentic Age,' an era where autonomous artificial intelligence capabilities fundamentally redefine how we communicate, work and interface with digital and physical worlds," Sabow said. Three startups in robotics and cloud AI collectively raised $2.3 billion recently, PYMNTS reported Tuesday. Figure, which makes humanoid robots for home and business, reportedly is in talks to raise $1.5 billion in a Series C funding round; Lambda, a cloud AI startup that is building a hyperscaler cloud for AI developers and end users, raised $480 million; and Together.ai, which is also building an AI cloud for AI applications using open-source models and training custom models, raised $305 million in a Series B funding round.
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Perplexity AI, the developer of a popular AI search engine, is creating a $50 million venture fund to support early-stage AI startups, particularly those in pre-seed and seed stages.
Perplexity AI, the developer of a popular artificial intelligence search engine, is set to launch a $50 million venture fund aimed at supporting early-stage AI startups. This strategic move comes as the company continues to solidify its position in the rapidly evolving AI landscape 123.
The fund will primarily focus on pre-seed and seed investments in U.S.-based AI startups. While Perplexity AI will serve as an anchor investor, the majority of the capital is expected to come from outside limited partners. The fund will be managed by two general partners, Kelly Graziadei and Joanna Lee Shevelenko, who have been running the early-stage fund f7 Ventures 2.
Perplexity AI's venture fund aims to fuel innovation and growth in the AI industry, with a particular focus on advanced machine learning solutions and AI-powered technologies. The company believes it has a unique advantage in identifying promising startups due to its network of approximately 80,000 developers. This visibility into API usage and consumption patterns could provide valuable insights for investment decisions 12.
The launch of this venture fund comes on the heels of significant developments for Perplexity AI:
The creation of this fund aligns with broader trends in the venture capital industry. According to HSBC Innovation Banking, 42% of U.S. venture capital was invested in AI companies in 2024, up from 36% in 2023 and 22% in 2022 3. This surge in AI investments signifies the dawn of what some are calling "The Agentic Age," where AI capabilities are expected to fundamentally redefine various aspects of work and communication 3.
As a potential competitor to Google in the AI-powered search market, Perplexity AI has been gaining traction. The company reported that its search engine served over 100 million queries per week as of October 2024 23. This venture fund launch further demonstrates Perplexity's commitment to fostering innovation in the AI ecosystem while potentially identifying future acquisition targets or strategic partners.
The introduction of Perplexity AI's venture fund is likely to have a significant impact on the AI startup ecosystem. By providing capital and potentially leveraging its technological insights, the fund could accelerate the development of new AI technologies and applications. This move also reflects the growing trend of successful AI companies reinvesting in the sector, potentially creating a virtuous cycle of innovation and growth in the AI industry.
Perplexity AI, an AI-powered search engine startup, is finalizing a $500 million funding round led by Institutional Venture Partners, potentially valuing the company at $9 billion. This significant investment highlights the growing interest in AI-driven search technologies and Perplexity's rapid ascent in the competitive landscape.
6 Sources
6 Sources
Perplexity AI, an AI-powered search engine startup, has closed a $500 million funding round led by Institutional Venture Partners, tripling its valuation to $9 billion. The company is rapidly growing and competing with tech giants in the evolving AI search market.
7 Sources
7 Sources
Perplexity AI, an AI-powered search engine startup, is experiencing explosive growth and is reportedly in talks for a massive funding round that could value the company at $8 billion. The company now serves over 100 million queries per week and is introducing innovative features to compete with traditional search engines.
17 Sources
17 Sources
Anthropic, an AI company backed by Amazon, has partnered with Menlo Ventures to create a $100 million fund called Anthology. The fund aims to support and invest in early-stage AI startups, focusing on those leveraging large language models.
11 Sources
11 Sources
Perplexity AI, a $9 billion AI-powered search startup, is expanding operations in India. CEO Aravind Srinivas announces recruitment plans following a meeting with PM Modi, highlighting India's potential in AI adoption.
3 Sources
3 Sources
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