Glean, an AI-powered enterprise search startup, doubled its valuation to $4.6 billion just 7 months after its last round, underscoring the rapid valuation growth of AI companies in today’s market.
The startup’s $260 million Series E was co-led by Altimeter and DST Global with backing from SoftBank’s Vision Fund II. In February, Glean was valued at $2.2 billion in a $200 million Series D led by Kleiner Perkins and Lightspeed.
Glean’s AI work platform can search for information across an organization’s and content, as well as answer questions through a generative AI chatbot. The company was founded in 2019 by Arvind Jain, co-founder of cybersecurity company Rubrik, which went public in April.
Glean’s rapid ascent showcases how AI startups are scoring big up-rounds in rapid succession.
Valuation growth between rounds for AI companies has exploded compared to other verticals, according to PitchBook’s latest US VC Valuations Report. The median annualized growth between rounds for early-stage AI startups was 114.9% this year, far ahead of SaaS at 36.1%.
AI valuations have handily outpaced other verticals: In Q2, the median early-stage AI valuation was $65 million and $119 million at the late-stage. More than 40% of all new unicorns this year have been AI startups.
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