CuspAI Raises $450M to Advance AI-Driven Materials Discovery

CuspAI, a two-year-old startup based in Cambridge, has raised $450m in a Series B funding round that values the company at $2.6bn, according to Tech.eu and Sifted. The valuation marks a five-fold increase from September last year, when the firm raised $100m at a $520m valuation. In total, CuspAI has now raised more than $670m.

The round was co-led by US venture firms Kleiner Perkins and NEA, with what Tech.eu described as significant participation from Bezos Expeditions, the family office of Amazon founder Jeff Bezos. Additional new investors included Glade Brook Capital Partners, Lux Capital, AMD Ventures, Tru Arrow Partners, StepStone and the UK's Sovereign AI Fund, a government-backed vehicle that invests between £5m and £10m in domestic AI startups and launched publicly this year. Existing backers Temasek, Basis Set Ventures, Giant Ventures, Phoenix Court and Northzone also took part.