AI Valuation Frenzy: Teams Over Products Command Billion-Dollar Tags

A month-old British AI startup is in advanced talks to raise up to $700 million in a seed round at a $4 billion valuation — despite having no product, no website, and operating in stealth. Emulate, founded by three former Google Deepmind researchers, is betting that investors will fund "world models" that simulate physical environments for robotics and autonomous systems before a line of code reaches customers.

In Development

The startup is building AI systems that...