Perplexity is raising new investment that would value the search startup at $9 billion, a source familiar with the matter said on Tuesday, a sign of heightened investor enthusiasm around artificial intelligence companies.

Perplexity AI is in the final stages of raising $500 million in funding at a $9 billion valuation, a source familiar with the situation told CNBC.

Generative artificial intelligence search startup Perplexity AI Inc. reportedly is finalizing the details of a mammoth new funding round that would increase its valuation to a cool $9 billion.

Perplexity, an artificial intelligence company, is set to raise $500 million in a new funding round at a valuation of about $9 billion. Reuters reported, citing people familiar with the matter, that Institutional Venture Partners (IVP), a venture capital firm that also holds a seat in the AI startup, is pioneering a $500 million funding.

The AI-powered search company is set to raise $500 million, according to people familiar with the matter. The venture firm Institutional Venture Partners, which also holds a board seat in the startup, will lead what would be Perplexity’s fourth funding round this year.

Perplexity is raising new investment that would value the search startup at $9 billion, a source familiar with the matter said on Tuesday, a sign of heightened investor enthusiasm around artificial intelligence companies.