AI Startup Perplexity Valued at $1 Billion in Funding Round

Perplexity AI, a startup using artificial intelligence to build a search engine to compete with Alphabet Inc.’s Google, has raised about $63 million in a new funding round that values the company at more than $1 billion.

The financing, set to be announced on Tuesday, doubles Perplexity’s valuation from just three months ago. Investor Daniel Gross led the round with participation from billionaire Stanley Druckenmiller, Y Combinator Chief Executive Officer Garry Tan and Figma Inc. CEO Dylan Field. Several earlier Perplexity backers, including Amazon.com Inc. founder Jeff Bezos and Nvidia Corp. also joined the round. The Wall Street Journal previously reported Perplexity was in funding talks.

Founded less ...