General Catalyst has led a $1.1 billion funding round into River AI, a startup that is only two months old, according to a source familiar with the deal.
What Happened
General Catalyst served as the lead investor in a $1.1 billion round for River AI, the publication of which was first reported by TechCrunch. The investment values the two-month-old company at several billion dollars, the source said. River AI did not immediately respond to requests for comment.
Why It Matters
The deal underscores continued investor appetite for early-stage AI companies despite broader market caution. At just two months old, River AI has attracted one of Silicon Valley's most prominent venture capital firms at a valuation that typically takes startups years to reach. The round also highlights General Catalyst's strategy of making large bets on nascent AI ventures it believes have significant growth potential.
The Bottom Line
General Catalyst led a $1.1 billion investment into River AI, a two-month-old startup, in one of the largest early-stage funding rounds in recent memory.