A16z will lead a $200 million funding round for Periodic Labs, valuing it at $1 billion

Description

According to insiders, VC firm Andreessen Horowitz (A16z) will lead a $200 million financing round for Periodic Labs, a nascent AI material science company. The agreement gives the startup a pre-funding valuation of $1 billion. Sources, however, claimed Periodic Labs had earlier selected OpenAI to lead the round, but turned toward Andreessen Horowitz because it believed the firm could provide more support. Nonetheless, OpenAI will still be involved in the funding and possibly collaborate further...