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AI Startup Perplexity Raises $63M, Valuation Hits $1B, Competes with Google, OpenAI

May 2, 2024, 04:38 PM

Perplexity, an AI search startup, has recently raised $63 million, bringing its valuation to $1 billion. This funding round doubled its valuation in just three months. The company, founded less than two years ago, has already handled 75 million queries in the US this year, surpassing its total for all of 2023. Perplexity has quickly grown to tens of millions of users and is generating over $20 million in annual recurring revenue (ARR). Despite having fewer than 50 employees, Perplexity is competing with major companies like Google and OpenAI in the AI search market.