Cambridge-based artificial intelligence startup CuspAI has secured $450 million in Series B financing, bringing its valuation to $2.6 billion — up roughly fivefold from its previous funding round last September.
The investment was led by Kleiner Perkins and NEA, with participation from Jeff Bezos's Bezos Expeditions, Britain's sovereign AI venture fund, and existing backers including Temasek and Prosus. The company plans to use the capital to accelerate research into novel materials for semiconductor manufacturing and other industries, aiming to reduce dependence on scarce metals such as iridium and ruthenium. CuspAI will dedicate 80% of its research capacity to chip-related work this year.
Alongside the funding announcement, the firm unveiled the AI Materials Foundry, a collaborative network of more than 45 organizations — including Nvidia, Meta, Samsung, and Hyundai Motor Group — pooling compute infrastructure, laboratory resources, and scientific expertise. Nvidia will supply processing power for the initiative. CuspAI is also opening a new office in Singapore and expanding operations across Britain, the Netherlands, Germany, Japan, and the United States.