Benchmark Capital invested at least $225 million in AI chipmaker Cerebras Systems' latest funding round, which raised a total of $1 billion and valued the company at $23 billion, according to TechCrunch. The investment marks a significant increase in Cerebras' valuation, nearly tripling from its $8.1 billion valuation just six months prior.
The funding round was led by Tiger Global, but a substantial portion came from Benchmark Capital, one of Cerebras' earliest backers. Benchmark first invested in the company in 2016, leading its $27 million Series A. To accommodate its investment, Benchmark raised two separate vehicles, both named Benchmark Infrastructure, as the firm typically keeps its funds under $450 million, according to regulatory filings.
In other tech news, an AI startup founder is planning a "March for Billionaires" in San Francisco to protest California's proposed wealth tax, TechCrunch reported. The event, scheduled for this coming Saturday, has garnered attention and raised questions about its purpose. The website advertising the event uses the tagline: "Vilifying billionaires is popular. Losing them is expensive."
Meanwhile, HBO's financial thriller "Industry" is exploring a storyline about a fraudulent fintech company, Tender, according to TechCrunch. The show follows Harper Stern, who is investigating the company. "Fake users drive fake revenue drives fake cash," Sweetpea tells Harper, highlighting the fabricated nature of the company.
Apple is also reportedly working on integrating AI chatbot apps like ChatGPT into CarPlay, according to Bloomberg, as reported by TechCrunch. This move would allow users to interact with their favorite AI chatbots through their vehicle's infotainment system, potentially enhancing the driving experience.
In deals, The Verge highlighted some of the best deals of the week, including LG's C5 TV and Anker's powerful power bank.
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