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Latham & Watkins Advises Perplexity AI in US$62.7 Million Series B Funding Round

April 24, 2024
Emerging Companies & Growth team advises the AI startup in funding round at valuation of more than US$1 billion.

Perplexity.AI (Perplexity), the builder of the world's first generally available conversational answer engine that draws from credible sources in real-time and directly answers users' questions with sourcing and citations, announced it has raised US$62.7 in a Series B funding round that values the company at more than US$1 billion. The new investment was led by Daniel Gross (former head of AI at Y Combinator), and included existing investors Jeff Bezos, NVIDIA, Tobi Lutke, Elad Gil, Nat Friedman, Naval Ravikant, Andrej Karpathy, IVP, and NEA, among others.

Latham & Watkins LLP advised Perplexity with a Bay Area-based Emerging Companies and Growth team led by partners Ben Potter and Mike Podolny, with associates Justin Tzeng and Kayleigh Kuyon. Advice was also provided on intellectual property matters by Los Angeles/Century City partner Ghaith Mahmood. This deal follows Latham’s representation of Perplexity in its Series A and Series B financings as well as its acquisition of Spellwise in 2023.