British artificial intelligence startup CuspAI has raised more than 330 million pounds ($445 million), including investment from the UK government’s Sovereign AI venture fund, valuing the company at nearly $2.69 billion and making it the latest British AI unicorn.
The Cambridge-based company said on Monday the funding round included backing from AMD Ventures, Temasek, StepStone, Phoenix Court and Sovereign AI, a government-backed investment fund launched to support early-stage AI companies with a significant UK presence.
CuspAI is developing an AI-powered platform designed to accelerate the discovery of new materials by generating bespoke chemical compounds tailored to specific applications. The company says the technology could help develop more efficient batteries, new semiconductor materials and chemicals capable of removing persistent pollutants from waterways.
The investment marks the fourth equity investment made by Sovereign AI since the fund was launched.
“Sovereign AI was set up to invest in the companies that will secure the jobs and growth of the future,” Science and Technology Secretary Liz Kendall said in a statement.
“CuspAI is putting the power of AI to work to help us tackle some of the biggest challenges facing the UK and the world today, such as energy and climate change.”
“By backing British companies such as this we are paving the way for breakthroughs that are set to grow our economy, protect the natural world and improve everyone’s lives.”
CuspAI was co-founded by British chemist Chad Edwards, who helped build Cambridge Quantum before its merger with Honeywell Quantum Solutions to form Quantinuum, and machine learning researcher Max Welling, who also serves as a professor at the University of Amsterdam.
The latest investment brings the number of startups receiving equity funding through Sovereign AI to four, while 10 companies have received support from the programme, including access to computing resources.
“What I love about CuspAI is the sheer scale of the idea: a search engine for materials that don’t exist yet,” Joséphine Kant, Sovereign AI’s head of ventures, told Impact Newswire.
“Chad and Max have assembled a world-class team with the scientific brilliance and commercial experience to actually turn it into reality. Our job at Sovereign AI is to make sure companies like this scale from here, not despite being in the UK, but because of it.”
The UK government launched Sovereign AI as part of its strategy to strengthen Britain’s domestic AI sector by investing in startups founded in the UK or maintaining a substantial British presence. Companies receiving investment must meet eligibility criteria including having British founders and maintaining their principal office in the UK.
Stay ahead of the stories shaping our world. Subscribe to Impact Newswire for timely, curated insights on global tech, business, and innovation all in one place.
Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.
Got a story to share? Pitch it to us at info@impactnews-wire.com and reach the right audience worldwide
Discover more from Impact AI News
Subscribe to get the latest posts sent to your email.
