Jeff Bezos and Sovereign AI back CuspAI in $450M raise
Jeff Bezos and the UK government-backed VC fund backing domestic AI startups have invested in a UK startup developing AI systems to discover and design new materials for clean energy and chipmaking in... The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from the family office of Jeff Bezos. Artificial Intelligence Jeff Bezos and Sovereign AI back CuspAI in $450M raise The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from the family office of Jeff Bezos.
Key Takeaways
- John Reynolds 16 hours ago Share Share Send email Copy link Jeff Bezos and the UK government-backed VC fund backing domestic AI startups have invested in a UK startup developing AI systems to discover and design new materials for clean energy and chipmaking in a $450m raise.
The $450m Series B funding round in Cambridge-based CuspAI values the startup at $2.
- CuspAI today has confirmed details of the Series B round, some of which had previously been reported by the media.
The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from Bezos Expeditions, the Amazon founder's family office.
- CuspAI, which counts AI bigwigs Yann LeCun and Geoffrey Hinton as advisers, is using its technology to discover how to develop new physical materials for industries such as clean energy, the semiconductor industry, manufacturing, water treatment, and carbon capture.
It works as a kind of search engine, whereby its customers, which include ASML and Meta, indicate the properties they need, whether it be a semiconductor with a particular property or a material that captures carbon dioxide efficiently.
- Founding partners of the network, which aims to build software that helps researchers develop new materials quicker and cheaper, include Nvidia, Meta, Samsung and Hyundai, along with more than 40 other companies.
John Doerr, Doerr Capital, said: "Materials discovery has quietly been a bottleneck behind progress in energy, semiconductors, and climate.
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Stats & Key Facts
- #Artificial Intelligence Jeff Bezos and Sovereign AI back CuspAI in $450M raise The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from the family office of Jeff Bezos.
- #The $450m Series B funding round in Cambridge-based CuspAI values the startup at $2.
- #6bn, which is a five-fold jump from its valuation in September last year when it raised $100m at a valuation of $520m.
- #In total, the two-year-old startup has now raised more than $670m.
The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from the family office of Jeff Bezos. Artificial Intelligence Jeff Bezos and Sovereign AI back CuspAI in $450M raise The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from the family office of Jeff Bezos. John Reynolds 16 hours ago Share Share Send email Copy link Jeff Bezos and the UK government-backed VC fund backing domestic AI startups have invested in a UK startup developing AI systems to discover and design new materials for clean energy and chipmaking in a $450m raise.
The $450m Series B funding round in Cambridge-based CuspAI values the startup at $2. 6bn, which is a five-fold jump from its valuation in September last year when it raised $100m at a valuation of $520m. In total, the two-year-old startup has now raised more than $670m.
CuspAI today has confirmed details of the Series B round, some of which had previously been reported by the media. The round was co-led by US VCs Kleiner Perkins and NEA with "significant participation" from Bezos Expeditions, the Amazon founder's family office. Additional new investors in the round include Glade Brook Capital Partners, Lux Capital, AMDVentures, Tru Arrow Partners, StepStone and the UK's Sovereign AI Fund, the UK government-backed VC fund backing domestic AI startups.
For more details please read the original article at Tech.eu.
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