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Perplexity Valued at $1 Billion as It Challenges Google Search

Apr 23, 2024 - pymnts.com
Artificial Intelligence (AI) startup Perplexity has raised $63 million in a new funding round, bringing its valuation to $1 billion, a significant increase from its $520 million valuation earlier this year. The company, which offers an AI chatbot that summarizes search results and helps users refine their queries, is aiming to compete with Google's search engine. The startup is also launching an enterprise version of its chatbot, priced at $40 a month, and is exploring expansion into new regions through partnerships with Japan’s SoftBank Corp. and Germany’s Deutsche Telekom.

Despite its competition with Google, Perplexity has attracted investments from notable figures such as former YouTube CEO Susan Wojcicki, Alphabet’s chief scientist Jeff Dean, and Amazon's Jeff Bezos. The company has processed more user queries in the US this year, nearly 75 million, than it did in all of last year. CEO Aravind Srinivas expressed the company's ambition to get Perplexity in the hands of every single company in the United States.

Key takeaways:

  • Artificial intelligence startup Perplexity has raised $63 million in a new funding round, bringing its valuation to $1 billion.
  • The company offers an AI chatbot that summarizes search results and helps users refine their queries, processing more user queries in the US this year than in all of last year.
  • Perplexity is launching an enterprise version of its chatbot, priced at $40 a month, and is exploring expansion into new regions through partnerships with Japan’s SoftBank Corp. and Germany’s Deutsche Telekom.
  • Despite aiming to compete with Google, Perplexity has attracted investments from notable figures such as Susan Wojcicki, the former YouTube CEO, and Jeff Dean, Alphabet’s chief scientist focusing on AI.
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