Chai Closes Investment From Coreweave at $450 Million Valuation

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">PALO ALTO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; AI platform Chai announced it has closed a strategic investment with CoreWeave&comma; a specialized cloud provider of large-scale GPU-accelerated workloads&period;<&sol;p>&NewLine;<p>The deal caps Chai&&num;8217&semi;s valuation at <span class&equals;"xn-money">&dollar;450 million<&sol;span> and follows several months on from Chai&&num;8217&semi;s pre-seed round in which it raised <span class&equals;"xn-money">&dollar;2 million<&sol;span> to further the company&&num;8217&semi;s mission of creating a more open and democratic AI platform&period;<&sol;p>&NewLine;<p>CoreWeave&&num;8217&semi;s strategic investment in Chai will go towards powering one of the first large-scale AI language model competitions&comma; where competitors submit language models to compete for user engagement in Chai&&num;8217&semi;s popular entertainment app&period; Winners in the competition are rewarded with cash prizes and the prestige of the title&period;<&sol;p>&NewLine;<p>Chai has also deployed its service on top of CoreWeave&&num;8217&semi;s infrastructure&comma; meaning every message sent on the platform goes through CoreWeave&&num;8217&semi;s cloud&period;<&sol;p>&NewLine;<p>&&num;8220&semi;CoreWeave has the best insight into the inner workings of our business out of everyone&&num;8221&semi;&comma; said Chai CEO <span class&equals;"xn-person">William Beauchamp<&sol;span>&period; &&num;8220&semi;As our user base continues to grow&comma; so will our demand for CoreWeave&&num;8217&semi;s infrastructure offerings&&num;8221&semi;&period;<&sol;p>&NewLine;<p>Chai said it is competing with Open AI and other deep-pocketed companies for top talent in the AI field&period; Chai says it is paying software engineers total compensation up to &dollar;875&comma;000 including &dollar;400&comma;000 base salary and &dollar;475&comma;000 in company equity&period;<&sol;p>&NewLine;