Upscale AI seeks $2 billion valuation in latest funding round despite no product release

Upscale AI, a company specializing in AI infrastructure, is in discussions for its third funding round within a span of seven months, seeking to raise between $180 million and $200 million, with a valuation nearing $2 billion. Earlier, in January, the firm obtained $200 million in a Series A round and $100 million in a seed round in September at its launch. Notable investors include Tiger Global Management, Xora Innovation, and Premji Invest. Although it has yet to release a product, Upscale AI is dedicated to creating custom chips and communication infrastructure, promoting full-stack solutions and open standards as essential for scalable AI infrastructure. This swift increase in valuation mirrors the current dynamics in the AI industry, where expectations frequently exceed actual advancements.