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Watch Out Google, OpenAI: Perplexity AI Reportedly Raising Additional Money At Significantly Higher Valuation Cap Than $520M

Ananya Gairola
February 29, 2024

Perplexity AI, a rising star in the field of artificial intelligence, is reportedly in discussions to secure additional funding at a valuation significantly higher than its previous round.

What Happened: The AI startup, which has been making waves in Silicon Valley, is in the process of raising new funds. Investors are showing keen interest in supporting Perplexity’s efforts to compete with industry giants like ChatGPT-parent OpenAI and Alphabet Inc.'s Google.

The new valuation cap is notably higher than the $520 million Perplexity secured in January, reported Business Insider, citing two people with direct knowledge of the matter. In January, the company secured $74 million in funding in a round spearheaded by Institutional Venture Partners.

See Also: CEO Of Jeff Bezos-Backed Perplexity AI Lauds Carl’s Pei’s New Nothing Phone 2a: ‘I Am Getting One’

As per the report, Perplexity’s latest funding round, which is still in the negotiation phase, is expected to be structured as convertible securities, known as simple agreements for future equity or SAFE notes. 

This type of security allows venture capitalists to purchase a startup’s shares at a fixed price in the future, in exchange for providing funding at present.

Despite the ongoing discussions, the details of the deal are yet to be finalized, and the figures involved are subject to change. Perplexity did not immediately respond to Benzinga's request for comments. 

Why It Matters: Perplexity AI, founded in 2022, has quickly gained traction in the AI-powered consumer apps market. The company, which is backed by investors like Jeff Bezos, has been praised for its effectiveness by industry leaders like Paytm founder Vijay Shekhar Sharma.

Perplexity’s CEO, Aravind Srinivas, has also expressed confidence in the company’s ability to compete with industry giants like Google and OpenAI, citing Google’s reliance on ad revenues as a potential limitation in deploying AI-driven search engines.

Notably, Nvidia CEO Jensen Huang has revealed his use of Perplexity AI for research purposes, underscoring the tool’s growing popularity in the AI space.

Check out more of Benzinga’s Consumer Tech coverage by following this link.

Read Next: Google CEO Sundar Pichai Admits Gemini AI Errors ‘Completely Unacceptable:' ‘No AI Is Perfect… We Got It Wrong'

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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