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Perplexity AI in Talks to Raise Funds at $18 Billion Valuation Amid AI Boom

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Perplexity AI, an emerging player in the AI search tool market, is in discussions to raise funds at a new valuation of $18 billion, a significant increase from its previous $9 billion valuation in November. The startup, which is backed by Nvidia, Amazon’s Jeff Bezos, and Japan’s SoftBank Group, is capitalizing on the surging demand for AI-driven search tools.

The company aims to raise between $500 million and $1 billion in this funding round, sources familiar with the matter told Reuters. The heightened interest in AI-powered chatbots and virtual agents has fueled investor enthusiasm for startups like Perplexity AI, which competes with established players such as Google’s Gemini and Microsoft-backed OpenAI’s ChatGPT.

Perplexity has been enhancing its platform to improve its competitive edge. Recently, it introduced a new web browser, Comet, which integrates AI to understand complex queries, perform tasks, and make decisions. Its “Deep Research” feature allows users to conduct in-depth research by searching through numerous sources, offering a more comprehensive overview on various topics.

Despite facing criticism from media outlets like News Corp-owned Forbes and Wired over accusations of plagiarism, Perplexity has forged partnerships with publishers to address these concerns.

The ongoing fundraising talks underscore the growing potential of AI startups, as companies like OpenAI also continue to dominate the sector with massive valuations, such as their $157 billion valuation following a $6.6 billion funding round in October.

US-Blacklisted Zhipu AI Secures Fresh Funding from Chinese State Firm

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Zhipu AI, a Chinese AI startup, has secured 500 million yuan ($69.04 million) in funding from Huafa Group, a state-owned conglomerate based in Zhuhai, Guangdong province. This follows the company’s earlier announcement in January of a separate 1 billion yuan capital raise. Huafa Group’s investment comes amid competition between Chinese cities to back promising AI startups, as Beijing views this sector as vital to its technological rivalry with the United States, according to Zhuhai Special Economic Zone Daily.

Earlier this month, Hangzhou City Investment Group Industrial Fund, a state-backed entity from Hangzhou, also participated in a major funding round for DeepSeek, a competitor of Zhipu AI, securing 1 billion yuan. This aligns with China’s push to strengthen its AI capabilities, as DeepSeek‘s large language models have gained attention for allegedly matching the performance of Western counterparts at lower development costs.

Founded in 2019, Zhipu AI is widely recognized as one of China’s “AI tigers”. The startup has drawn investments from prominent tech giants such as Tencent, Meituan, and Xiaomi, across over 15 funding rounds, according to business registration platform Qichacha. In July 2024, Zhipu AI was valued at 20 billion yuan.

The latest funds will be directed toward advancing the development of its GLM foundation model and furthering the company’s technological innovation and ecosystem expansion. However, this investment comes after Zhipu AI and its subsidiaries were added to the U.S. Commerce Department’s export control entity list in January, which prevents the company from procuring U.S.-made components.

Terabase Energy Secures $130 Million to Expand Solar Technology Deployment

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Terabase Energy, a company specializing in solar technology, announced on Thursday that it has raised $130 million in funding, led by SoftBank, to scale its operations and expand the deployment of its solar technology for large projects. This funding round is the largest in the company’s history, bringing its total funding to $200 million. While the company did not disclose its valuation during this round, the investment highlights strong investor confidence in its future.

Despite solar and energy storage accounting for 84% of new electricity generation capacity added to the U.S. power grid in 2024, the sector is facing challenges due to new U.S. energy policies that continue to support fossil fuels. Additionally, venture funding in the U.S. has been relatively quiet in early 2025, with a few AI-focused companies capturing most of the spotlight.

Terabase Energy’s platform collaborates with solar power plant developers, engineers, and construction firms, streamlining processes through workflow digitalization and automation. The company plans to use part of its new funding to enhance its robotics-assisted assembly line, Terafab, designed to alleviate “bottlenecks in construction speed and workforce limitations.”

In addition, Terabase operates PlantPredict, a solar modeling software, and Construct, a construction management platform. Kentaro Matsui, managing partner at SoftBank Global Advisers, highlighted that the surge in energy demand, particularly from AI data centers, underscores the need for scalable and sustainable solutions.

SoftBank, which is known for financing early-stage technology companies, also supported Terabase through its Vision Fund 2. Other existing investors in the company include Breakthrough Energy Ventures, Fifth Wall, SJF Ventures, and EDP Ventures.