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AI-powered search engine Perplexity AI says monthly revenues and usage have increased sevenfold since the beginning of this year after the firm closed a $250 million round of funding. Its growth comes as search engine giant Google intensifies efforts to integrate AI into its systems as it seeks to stay ahead in the sector. Perplexity’s chief business officer Dmitry Shevelenko told the Financial Times that the search engine answered about 250 million queries in July alone compared to about 500 million during the whole of last year. Perplexity’s earnings maintain a growth trajectory Perplexity AI was launched three months before the OpenAI’s ChatGPT November 2022 debut. The latest figures rank the search engine as one of the fastest-growing generative AI applications to arise after ChatGPT, despite the controversy over the start-up’s data-gathering techniques. According to the Financial Times, the start-up started its 2024 with $5 million in annualized revenues. An insider cited by Financial Times, said that based on recent months’ figures, the company makes more than $35 million now. Perplexity AI is now revolving its business model around advertising subscriptions as it gains recognition and gets closer to competition with Google, which is the leading search engine firm in the $300 billion search ads industry. “Our users and team only think about one thing when it comes to Perplexity: a place you get your questions answered. Competition sharpens our focus even more.” Shevelenko. Perplexity recently closed a new $250 million investment from investors including SoftBank’s Vision Fund 2, which is helping it stay in the game and compete against rivals, according to sources familiar with the deal. This has lifted the company’s valuation to $3 billion from $1 billion. Perplexity is turning to ad revenue Perplexity has earned its revenues mainly from its consumer and enterprise subscriptions. The firm,…

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Filed under: News - @ August 10, 2024 8:12 am