Gate News message, April 21 — CuspAI, a UK-based AI startup specializing in materials discovery, is in talks to raise at least $200 million in a funding round that could value the company at over $1 billion. No term sheet has been signed yet. The company was previously valued at approximately $800 million following its Series A round last summer, which was led by New Enterprise Associates and Temasek.
Founded in 2024, CuspAI offers a platform for designing materials used in semiconductors, batteries, sustainable energy, and carbon capture applications. The company has already secured commercial contracts worth tens of millions of dollars. Its proprietary MOFGEN model achieves a 49% success rate for generating valid, unique, and novel materials, outperforming competitors including Microsoft (10% success rate) and Meta (16%).
CuspAI’s advisory board includes AI pioneers Geoffrey Hinton and Yann LeCun, as well as Lord John Browne, former CEO of BP, and Martin van den Brink, former president and chief technology officer of ASML, a Dutch chipmaking equipment manufacturer.
The fundraising reflects broader momentum in AI-driven materials science. Rival Periodic Labs raised a $300 million seed round to develop advanced AI models and automated robotic laboratories for testing. The trend is driving venture capital into “neolabs”—startups that combine AI software with physical lab infrastructure. Developing a single new material typically requires a decade and hundreds of millions of dollars; accelerated discovery could reshape supply chains for electric vehicle batteries and semiconductors.
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