CuspAI Hits €2.2B Valuation After €393.2 Mn AI Funding Round

Along with the funding, CuspAI has launched the AI Materials Foundry, a global network designed to speed up the discovery and development of new materials using artificial intelligence.

The funding round was led by Kleiner Perkins and NEA, with major support from Jeff Bezos' Bezos Expeditions.

Other new and existing investors also joined the round. This comes less than a year after CuspAI raised more than €87.4 million ($100 million) in its Series A funding, which was also led by NEA and Temasek.

Josh Coyne, Partner at Kleiner Perkins, said, “Most big leaps in technology come down to a material, and the next set, from cheaper carbon capture to semiconductors and cleaner water, is stuck waiting on materials nobody has discovered yet. CuspAI built a search engine that changes that. What sets Max, Chad, and the team apart is that they design for materials that can actually be built, not just ones a model can dream up. I believe CuspAI’s technology can define the AI-driven materials revolution, and Kleiner Perkins is thrilled to co-lead their Series B.”

“If we don’t make progress fast, the next 50 years of industrial progress will be constrained by a single challenge: the world needs materials that don’t yet exist. That’s what we’re on a mission to solve – combining frontier agentic AI with deep domain expertise, exclusive data access and close customer partnerships. We’re delighted to be joined by more than 45 leaders in their fields to advance materials discovery,” said Dr. Chad Edwards, CEO and co-Founder, CuspAI.

Founded in 2024 by Dr. Chad Edwards and Prof. Max Welling, CuspAI uses artificial intelligence (AI) to help discover new materials much faster than traditional research methods. The company aims to speed up breakthroughs that could create trillion-dollar opportunities across different industries.

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The company says its platform works like an AI-powered search engine for materials. Businesses can describe the properties they need, and the AI quickly generates new materials that can be created and tested, making the discovery process up to 10 times faster than traditional methods.