Snowflake, Nvidia Back New Unicorn Reka AI in $110 Million Deal
Snowflake had previously been in talks to buy the three-year-old AI startup.
Artificial intelligence company Reka AI raised a $110 million funding round from investors including Nvidia Corp. and Snowflake Inc. — a deal that more than triples the startup’s valuation to over $1 billion.
Reka AI makes large language models, the technology underpinning much of the generative AI craze, and says it can do it more efficiently than competitors. The startup was founded in 2022 by researchers from Alphabet Inc.’s Google and Meta Platforms Inc. It was previously valued at about $300 million in a 2023 investment round, according to PitchBook data.