Amazon founder Jeff Bezos is on the verge of securing $10 billion in new funding for his artificial intelligence startup, potentially pushing the company’s worth to $38 billion, according to a Financial Times report released Monday.
The venture, known as Project Prometheus, represents the latest example of massive investor interest in AI technology as companies across industries pour resources into artificial intelligence capabilities.
Financial giants JPMorgan and BlackRock are reportedly participating in this funding round, though the deal has not yet been completed, sources told the Financial Times. The investment is expected to finalize in the near future.
Project Prometheus specializes in developing artificial intelligence solutions for engineering and manufacturing applications, particularly in the computer, automotive, and aerospace industries, according to published reports.
Bezos, who stepped down as Amazon CEO, serves as one of the initial backers of the company and has been spearheading the fundraising campaign alongside co-chief executive Vikram Bajaj. The startup was co-founded by Sherjil Ozair and William Guss.
When contacted for comment, BlackRock declined to provide a statement. JPMorgan, along with the project’s co-founders Ozair and Guss, did not respond to requests for comment. Bezos was also unavailable for comment.
