April 19, 2024
Perplexity Raises $73M at $520M Valuation for AI Search Engine

Perplexity Raises $73M at $520M Valuation for AI Search Engine

Artificial intelligence startup Perplexity reported a series of achievements and developments on January 4, with the key highlight being the successful conclusion of its Series B funding round, securing $73.6 million. Led by IVP, known for its investments in crypto and fintech, including Coinbase and Robinhood.

The funding round included participation from Series A investors NEA, Elad Gil, Nat Friedman, and Databricks, along with new contributions from NVIDIA and Jeff Bezos through the Bezos Expeditions Fund. According to TechCrunch’s Kyle Wiggers, the Series B funding resulted in a valuation of $520 million, bringing Perplexity’s total raised capital to $100 million.

Perplexity also disclosed reaching significant milestones since its inception, marking its presence in the search engine and generative artificial intelligence (AI) sectors.

“We’ve grown to 10 million monthly active users and have served over half a billion queries in 2023. More than a million people have installed our mobile apps, both on iOS and Android.”

Despite being a relatively lesser-known entity, the company has garnered attention due to its swift progress since its founding in 2022 and the impressive credentials of its leadership team.

Perplexity’s CEO, Aravind Srinivas, previously interned at DeepMind, Google, and OpenAI before serving as a research scientist for OpenAI. The company’s CTO, Denis Yarats, has prior experience at Facebook and Microsoft, as indicated by their LinkedIn profiles.

Entering the search and generative AI spaces, Perplexity aligns with the industry trend where major tech players like Google and Microsoft emphasize AI-first interfaces for their flagship search products, anticipating significant growth in the generative AI sector, projected to reach $667 billion by 2030.

Distinguishing itself from big tech counterparts, Perplexity offers users the option to summarize search results and generate outputs using its in-house AI models or choose from popular ones like OpenAI’s ChatGPT, Anthropic’s Claude, and Google’s Gemini. The company also features an AI assistant named Copilot, drawing functional similarities to Microsoft’s offering, although their connection remains unclear.

Image by Freepik

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