Sign up to save tools and stay up to date with the latest in AI
bg
bg
1

EXCLUSIVE: Perplexity is raising $250M+ at a $2.5-$3B valuation for its AI search platform, sources say

Apr 23, 2024 - techcrunch.com
Perplexity, an AI search engine startup, is reportedly raising at least $250 million at a valuation between $2.5 billion and $3 billion. This follows two significant fundraises in the past four months, with the company's valuation increasing from $121 million in April 2023 to $1 billion in March 2024. The company's product is a generative AI-based search engine that uses a chatbot-style interface and incorporates a variety of large language models (LLMs) for more accurate responses.

The startup, which has been operational since 2022, has a long list of investors including IVP, NEA, Sequoia, Bessemer, Kindred, Nvidia, Databricks, Bezos Expeditions, and notable individuals like Jeff Bezos and Meta’s chief AI scientist Yann LeCun. Perplexity's unique market position is its focus on a specific product - search, rather than building multi-purpose LLMs. The company has processed 75 million queries this year and is currently on an annual recurring revenue of $20 million.

Key takeaways:

  • AI search engine startup Perplexity is currently raising at least $250 million more at a valuation of between $2.5 billion and $3 billion.
  • Perplexity's product is a generative AI-based search engine that provides results using a chatbot-style interface, and it's building its algorithms incorporating a variety of LLMs.
  • The company has processed 75 million queries this year and is currently on ARR of $20 million.
  • Perplexity's current investor list includes notable VCs such as Sequoia, Bessemer and Kindred; strategic backers like Nvidia, Databricks and Bezos Expeditions; and many recognizable individuals such as Jeff Bezos, Meta’s chief AI scientist Yann LeCun, and others.
View Full Article

Comments (0)

Be the first to comment!