SoftBank Group Corp’s Vision Fund 2 is set to invest between $10 million and $20 million in U.S.-based search startup Perplexity AI, valuing the company at $3 billion.
The investment from SoftBank is part of a larger $250 million funding round for Perplexity AI, as cited by individuals familiar with the matter. The terms of the deal have not been finalized and could still change.
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Perplexity AI, headquartered in San Francisco, provides search tools that deliver instant answers to user queries, complete with sources and citations. The company’s technology leverages a variety of large language models, including those from OpenAI and Meta’s open-source model Llama.
In January, Perplexity AI raised $73.6 million from investors, including Nvidia and Amazon founder Jeff Bezos, at a valuation of $520 million. The company reported serving over 500 million queries in 2023 with minimal marketing expenditure.
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Both SoftBank and Perplexity AI declined to comment on the investment news.