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Perplexity AI Launches $50 Million Venture Fund to Back Early-Stage Startups

Perplexity AI launching $50 million venture fund to back early-stage startups

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Perplexity AI is creating a $50 million fund focused on pre-seed and seed AI startups based in the U.S., with the company as an anchor investor.

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Perplexity AI, the developer of a popular artificial intelligence search engine, is close to raising a $50 million venture fund focused on early-stage AI startups, CNBC has learned. The company will be an anchor investor in the fund, but most of the capital is coming from outside limited partners, according to a person familiar with the matter who asked not to be named because the information is confidential. The two general partners of the fund are also coming from elsewhere. They are Kelly Graziadei and Joanna Lee Shevelenko, who have been running early-stage fund f7 Ventures, the person said. According to a filing with the U.S. Securities and Exchange from October, Perplexity F7 Fund I had filed to raise $50 million. Graziadei and Shevelenko are named as the two general partners. Perplexity AI has been in the middle of the generative AI boom that began in late 2022 with the launch of OpenAI's ChatGPT. CNBC reported in November that the company was in the final stages of raising $500 million in funding at a $9 billion valuation. Perplexity AI is viewed as a potential competitor to Google as more consumers turn to AI to search for information online. Last month, Perplexity AI also made a bid to merge with TikTok U.S. as the social media platform faces a potential U.S. shutdown.

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