Jeff Bezos' AI lab nears $38 billion valuation in funding agreement, FT updates
Jeff Bezos' artificial intelligence lab is shut to raising $10 billion in a fresh funding round, valuing the fresh startup called Initiative
An illustrative image related to: Jeff Bezos' AI lab nears $38 billion valuation in funding agreement, FT updates, highlighting key aspects of the story. | Image source: The Express Tribune
Jeff Bezos' AI lab nears $38 billion valuation in funding agreement, FT updates
Jeff Bezos' artificial intelligence lab is shut to raising $10 billion in a fresh funding round, valuing the fresh startup called Initiative Prometheus at $38 billion, the Financial Times reported on Monday, citing sources.
The fundraising comes amid strong shareholder enthusiasm for AI companies as heavy tech spending reshapes businesses across sectors.
JPMorgan and BlackRock are among the investors in the fresh round, the newspaper said, adding that the fundraising was expected to shut soon still had not been finalised.
The startup is focused on AI for engineering and manufacturing computers, automobiles and spacecraft, according to media updates.
Amazon.com founder Bezos is among the initial investors in the enterprise and has been leading the fundraising effort alongside co-chief executive Vikram Bajaj, the summary said.
BlackRock declined to remark. JPMorgan and the initiative's co-founders, Sherjil Ozair and William Guss, did not immediately answer to Reuters ' requests for remark. Bezos could not be reached for remark.
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