Perplexity, the AI-powered search engine developer, is establishing a $50 million venture fund to invest in early-stage artificial intelligence startups in the United States. The fund will primarily target pre-seed and seed-stage companies, with Perplexity serving as an anchor investor while external limited partners contribute the majority of the capital. This move follows the company’s rapid growth, which culminated in a $500 million funding round in December 2024, tripling its valuation to $9 billion, according to CNBC.

Backing Innovation in AI

Perplexity’s decision to launch the fund aligns with the broader trend of increasing AI investment, as 42% of U.S. venture capital was allocated to AI startups in 2024, up from 36% in 2023. The company aims to support emerging AI firms that are shaping the future of automation, digital interactions, and data processing. HSBC Innovation Banking has noted the unprecedented consolidation of venture capital in AI, highlighting its potential to redefine industries in what experts term "The Agentic Age."

Fund Management and Strategy

The fund will be managed by Kelly Graziadei and Joanna Lee Shevelenko, both experienced investors who co-founded the early-stage venture firm F7 Ventures in 2018. F7 Ventures has backed startups such as Midi, a women’s health company, but it remains unclear whether Graziadei and Shevelenko will continue their involvement with F7 or focus solely on Perplexity’s new venture fund. Their expertise in identifying and nurturing high-growth startups is expected to be instrumental in shaping the portfolio of Perplexity’s fund.

Comparison with OpenAI’s Investment Approach

Perplexity’s fund mirrors a growing trend among AI companies establishing dedicated investment arms, similar to OpenAI’s Startup Fund. However, unlike Perplexity, OpenAI has stated that it does not use its own capital for these investments, relying entirely on external backers. This distinction underscores Perplexity’s commitment to directly fueling the AI startup ecosystem by leveraging a portion of its own raised capital.

Recent Developments at Perplexity

In addition to launching the fund, Perplexity recently unveiled plans for its proprietary web browser, Comet, and opened a waitlist for early users. The company has also expanded its AI-driven product offerings, including the AI-powered shopping assistant Buy With Pro, introduced in November. These innovations complement Perplexity’s core AI search engine, which processes over 100 million queries per week and positions the company as a major player in the evolving search technology space.

Growing AI Investment Landscape

The broader AI sector continues to attract significant funding, with three AI-focused startups in robotics and cloud computing collectively raising $2.3 billion recently. Figure, which develops humanoid robots, is in discussions for a $1.5 billion Series C round, while cloud AI firms Lambda and Together.ai secured $480 million and $305 million, respectively. These substantial investments highlight the increasing demand for AI-driven solutions and reinforce the momentum within the sector that Perplexity seeks to capitalize on.

Perplexity’s $50 million venture fund represents a strategic move to deepen its presence in the AI ecosystem by fostering the next generation of AI-driven startups. With strong financial backing, experienced leadership, and a focus on transformative technology, the fund positions Perplexity as both an innovator and an enabler of AI advancements. As AI investment continues to surge, Perplexity’s initiative could play a pivotal role in shaping the industry’s future landscape.