Perplexity AI secures $73.6 million in Series B funding, raising valuation to $520 million
Perplexity AI, a San Francisco-based startup specializing in AI-powered search engines, recently completed and raised a significant Series B funding round. $73.6 million.
The funding round was led by Institutional Venture Partners (IVP) and included a mix of venture capitalists and tech luminaries like Jeff Bezos, NVIDIA and others.
The successful financing effort brings Perplexity AI’s total raised capital to $100 million and raises its valuation to $520 million.
Fast growing
The company’s launch took place less than two years ago and its popularity has skyrocketed; It attracted 10 million monthly active users and answered more than half a billion queries in 2023 alone.
This growth is partly attributed to its unique approach to search, which involves serving direct answers to queries using natural language processing rather than simply presenting a list of links.
Perplexity integrates the search index with leading AI models such as Claude 2 and GPT-4 to generate summarized answers with quotes, delivering a flow of conversation and allowing users to ask follow-up questions.
Despite its impressive growth, Perplexity AI is not yet profitable, generating single-digit million in annual revenue.
revenue stream
However, it generates revenue through its $20 per month Pro offering and unlocks advanced features like upgraded AI models and rendering capabilities. But everyone can use the basic search experience completely free.
Aravind Srinivas, CEO of Perplexity AI, who has experience working with organizations such as DeepMind, Google and OpenAI, believes that the company’s focus and ability to fine-tune various high-performance AI models sets it apart in the market. Perplexity envisions AI as a next-generation tool that will redefine the way people access information online.
The company’s foray into search and generative AI is in line with the broader industry trend as major tech companies like Google and Microsoft are turning to AI-first interfaces for their search products. The productive AI industry, of which Perplexity AI is a part, is expected to be worth $667 billion by 2030.
While Perplexity AI faces the challenge of competing in a market dominated by giants like Google, its innovative approach and recent funding success positions it as a potential disruptor in the field of AI-powered search engines.
#Perplexity #secures #million #Series #funding #raising #valuation #million
Perplexity AI, a San Francisco-based startup specializing in AI-powered search engines, recently completed and raised a significant Series B funding round. $73.6 million.
The funding round was led by Institutional Venture Partners (IVP) and included a mix of venture capitalists and tech luminaries like Jeff Bezos, NVIDIA and others.
The successful financing effort brings Perplexity AI’s total raised capital to $100 million and raises its valuation to $520 million.
Fast growing
The company’s launch took place less than two years ago and its popularity has skyrocketed; It attracted 10 million monthly active users and answered more than half a billion queries in 2023 alone.
This growth is partly attributed to its unique approach to search, which involves serving direct answers to queries using natural language processing rather than simply presenting a list of links.
Perplexity integrates the search index with leading AI models such as Claude 2 and GPT-4 to generate summarized answers with quotes, delivering a flow of conversation and allowing users to ask follow-up questions.
Despite its impressive growth, Perplexity AI is not yet profitable, generating single-digit million in annual revenue.
revenue stream
However, it generates revenue through its $20 per month Pro offering and unlocks advanced features like upgraded AI models and rendering capabilities. But everyone can use the basic search experience completely free.
Aravind Srinivas, CEO of Perplexity AI, who has experience working with organizations such as DeepMind, Google and OpenAI, believes that the company’s focus and ability to fine-tune various high-performance AI models sets it apart in the market. Perplexity envisions AI as a next-generation tool that will redefine the way people access information online.
The company’s foray into search and generative AI is in line with the broader industry trend as major tech companies like Google and Microsoft are turning to AI-first interfaces for their search products. The productive AI industry, of which Perplexity AI is a part, is expected to be worth $667 billion by 2030.
While Perplexity AI faces the challenge of competing in a market dominated by giants like Google, its innovative approach and recent funding success positions it as a potential disruptor in the field of AI-powered search engines.
#Perplexity #secures #million #Series #funding #raising #valuation #million