Perplexity AI hits $18B valuation with latest $100M funding round
What's the story
Perplexity AI, a start-up offering an AI-powered search engine that competes with Google, has raised $100 million in a new funding round. The investment values the company at an impressive $18 billion. This new raise builds on a prior funding round from a few months back, which pegged the company's valuation at $14 billion.
Business expansion
Perplexity's journey and previous funding round details
Founded in 2022, Perplexity has quickly become a leader in using generative AI to transform traditional internet services. The company's valuation skyrocketed from $1 billion to $3 billion last year, and then tripled again just months later. In March, Bloomberg reported that Perplexity was looking to raise up to $1 billion at an $18 billion valuation before opting for a smaller investment at a $14 billion value.
Funding history
Perplexity becomes top AI app in India
The latest cash infusion takes Perplexity back to its original valuation target of $18 billion. The company's growth has been a testament to the Silicon Valley trend of investing in top AI start-ups. Perplexity has surged to the top of India's App Store rankings, surpassing both ChatGPT and Google Gemini. The spike in downloads follows Airtel's move to offer its users a free one-year subscription to Perplexity Pro, significantly expanding access to advanced AI tools for its 360+ million users.