"Anthropic Raises Unprecedented $750 Million for AI Development"
Anthropic, an AI startup known for its large language model and ChatGPT challenger Claude 2, raised $750 million in a new funding round led by Menlo Ventures using a special purpose vehicle (SPV), nearly quadrupling its valuation to $18.4 billion. The SPV tactic allowed Menlo to jump to the front and double down on its position in Anthropic, while also formalizing terms for investments promised by cloud computing partners Amazon and Google. The round surprised some industry insiders, but provided Anthropic with a quick cash infusion and minimal fuss, enabling the company to bolster its war chest amid a hiring and product race.