Together AI, a developer of a cloud platform to allow developers to build on open and custom artificial intelligence models, raised a $305 million funding round led by General Catalyst and Saudi Arabia’s Prosperity7 Ventures at a $3.3 billion valuation.
The new valuation is a more than 160% jump from The $1.25 billion it was valued at after Salesforce Ventures 1 led a $106 million round for Menlo Park, California-based startup last March.
More than a dozen other investors joined the round, including Salesforce Ventures, Nvidia, Kleiner Perkins, Coatue and others.
Together AI recently surpassed $100 million in annualized revenue, an increase from the $30 million in annualized revenue it had last February, per Bloomberg.
AI dollars
AI startups continue to raise big-money rounds as if ordering a sandwich at a deli.
Late last month, Anthropic, a ChatGPT rival with its AI assistant Claude, raised a $1 billion investment from previous investor Google.
In Q4 last year alone, investors poured more than $42 billion into AI-related startups, per Crunchbase data. That was nearly twice as much money invested in Q3 2024 — which was a record at the time. It also was about 3.5x the amount invested in Q4 2023.
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