CuspAI has closed a $450 million Series B funding round, boosting its valuation to $2.6 billion. This marks a sharp increase from $520 million in valuation just last September.
The round was led by Kleiner Perkins and NEA, with participation from Jeff Bezos’ fund Bezos Expeditions, the UK Sovereign AI Venture Fund, AMD Ventures, Glade Brook Capital Partners, Lux Capital, and the Netherlands’ Invest-NL.
The Cambridge-based startup focuses on using its AI platform, MIRA, to expedite the discovery of new materials for semiconductor manufacturing. MIRA handles full discovery cycles, from generative design through simulation to experimental validation.
On the same day, CuspAI announced the launch of its AI Materials Foundry, a coalition comprising over 48 companies and research institutes including Nvidia, Meta, and Hyundai Motor Group. The Foundry aims to share computing power and scientific expertise to accelerate material development while cutting costs.
CuspAI targets reducing reliance on rare metals like ruthenium and iridium in chipmaking, whose supply chains pose risks amid high industry demand. CEO Chad Edwards highlighted intense interest from chipmakers and suppliers seeking alternative materials.
Since shifting focus from carbon capture and water purification to chip materials over the past year, CuspAI has expanded its team with key hires such as John Giannandrea, formerly of Apple and Google, and added industry veterans like AMD board member Abhi Talwalkar to its advisory board alongside AI pioneers Yann LeCun and Geoffrey Hinton.
The new funds will support growth in labs located in Cambridge, Singapore, and San Francisco, aiming to meet the rising demand from semiconductor clients. Nvidia's representative Geetika Gupta noted plans for multi-party collaborations through the Foundry to address material needs for energy storage and datacenter cooling.
This article is for informational purposes only and does not constitute financial advice.
