Temasek-backed CuspAI establishes AI materials discovery network, raises $450 M; valued at $2.6 B
Temasek of Singapore is one of the returning investors in CuspAI’s $450 million Series B round, which valued the company at $2.6 billion, the Cambridge-based AI company said in a statement on Monday.
Kleiner Perkins and NEA led the investment, and Jeff Bezos’ Bezos Expeditions played a major role. Glade Brook Capital Partners, Lux Capital, AMD Ventures, Tru Arrow Partners, StepStone, the Netherlands’ Invest-NL, Britain’s Sovereign AI Venture Fund, and John Doerr are among the other new investors.
Temasek joined Basis Set Ventures, Giant Ventures, Touring Capital, Prosus, Phoenix Court, and Northzone, all of which were already investors. Less than a year ago, NEA and Temasek led a Series A that raised over $100 million. This round comes after that.
According to CuspAI, the fresh cash will facilitate growth throughout Europe, Asia-Pacific, and the United States. With employees in Cambridge, Amsterdam, Berlin, Tokyo, and the US, the company has established a new office in Singapore.
In addition, CuspAI established the AI Materials Foundry, a worldwide network of data, labs, computer power, and scientific know-how designed to speed up the development of new materials.
NVIDIA, Meta, Samsung, Hyundai Motor Group of South Korea, Henkel, Applied Materials, Tokyo Electron, and Lam Research are among the more than 45 founding partners of the AI Materials Foundry from the United States, Asia-Pacific, and Europe. The network can link businesses, labs, and researchers to collaboratively create new materials.
According to Kleiner Perkins partner Josh Coyne, most significant technological advancements rely on new materials. The executive continued, “CuspAI’s platforms stand out because it focuses on materials that can be manufactured rather than theoretical modeled.”
Materials discovery has significant ramifications for semiconductors, energy, and advanced manufacturing, according to Philip Chopin, Managing Director and Head of Europe at NEA. According to the CEO, CuspAI’s capacity to integrate cutting-edge AI with real-world limitations has drawn top industry partners.
