Key insights
- Jeff Bezos' AI lab, Project Prometheus, is nearing a $38 billion valuation after a $10 billion funding round involving JPMorgan and BlackRock. This highlights strong investor interest in AI, potentially driving further investment and innovation in the tech sector, with a moderately bullish signal for US equities due to increased capital allocation in AI-related ventures.
April 20 (Reuters) - Jeff Bezos’ artificial intelligence lab is close to raising $10 billion in a new funding round, valuing the new startup called Project Prometheus at $38 billion, the Financial Times reported on Monday, citing sources.
The fundraising comes amid strong investor enthusiasm for AI companies as heavy technology spending reshapes businesses across sectors.
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JPMorgan and BlackRock are among the investors in the new round, the newspaper said, adding that the fundraising was expected to close soon but had not been finalized.
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The startup is focused on AI for engineering and manufacturing computers, automobiles and spacecraft, according to media reports.
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Amazon.com founder Bezos is among the initial investors in the venture and has been leading fundraising effort alongside co-chief executive Vikram Bajaj, the report said.
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BlackRock declined to comment. JPMorgan and the project’s co-founders, Sherjil Ozair and William Guss, did not immediately respond to Reuters’ requests for comment. Bezos could not be reached for comment.