Gimlet's Three-Tranche Deal Reveals AI Funding Frenzy

Gimlet Labs, a three-year-old startup that helps AI developers run models using different AI chips simultaneously, raised $300 million at a valuation of about $3 billion in a round led by Andreessen Horowitz. The round boosted its valuation by 16 times from its last PitchBook valuation. Executives told some potential investors that based on signed contracts, OpenAI was likely to spend more than $100 million a year on its services, according to a person familiar with the company. An OpenAI spokesperson said, "We have explored possibilities with Gimlet but we are not a paying customer."

Read More