Anthropic to Raise $750mn in Funding Led by Menlo Ventures

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The startup has been actively seeking resources and strong backers to compete with OpenAI. Google and amazon have committed up to $2 billion and $4 billion, respectively.

Artificial intelligence (AI) startup,  Anthropic , is currently in discussions to raise $750 million in a funding round, according to a source with direct knowledge of the matter. The funding round is said to be led by Menlo Ventures, and it values Anthropic at $18.4 billion before the round.

Anthropic was co-founded by siblings Dario and Daniela Amodei, both former executives at Microsoft-backed rival OpenAI. The startup has been actively seeking resources and strong backers to compete with OpenAI and establish itself as a leader in the technology sector. Its AI model Claude AI has been in competition with OpenAI’s GPT series.

Claude 2 can summarise up to 75,000 words, allowing users to input vast amounts of data and request summaries as memos, letters, or stories. On the other hand, ChatGPT has a capacity for around 3,000 words.

In recent months, Anthropic has secured investments from tech giants Google and Amazon, with commitments of up to $2 billion and $4 billion, respectively. Anthropic, founded in 2021, has also received funding from Salesforce and Zoom. Alphabet, Microsoft, OpenAI and Anthropic were invited to the White House for a meeting with the Vice President Kamala Harris for responsible development of AI.

There were reports in November that OpenAI’s board of directors had approached Anthropic CEO Dario Amodei about the possibility of replacing OpenAI’s chief and potentially merging the two AI startups. These developments highlight the intense competition and strategic manoeuvres within the AI industry.

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