Cambridge 'materials science' start-up CuspAI nears $1bn valuation

A materials science start-up which aims to eradicate 'forever chemicals' that are harmful to humans, is on the brink of a major new funding injection less than four months after securing backing from some of the world's leading investors.

Sky News has learnt that CuspAI, which announced a $100m fundraising in September, is close to raising tens of millions of pounds from more from some of the same shareholders which supported its autumn capital boost. City sources said that Temasek Holdings, the Singaporean state fund, and NEA, a major US-based venture capital firm, were expected to commit additional money to the Cambridge-based company.

Money latest: Octopus and British Gas confirm all customers will see big drop in energy bills CuspAI has also drawn investment from the likes of NVentures, Nvidia's venture arm, Samsung, Hyundai Motor Group, Giant Ventures, LocalGlobe and Northzone. One insider said the new funding put CuspAI firmly on track to reach a 'unicorn' valuation of at least $1bn in its next funding round, which is likely to take place as early as next year.

The company was founded in 2024 by former chemist Dr Chad Edwards and Professor Max Welling, an AI specialist. It has developed what it describes as an AI "search engine" for the material world, enabling customers to specify the exact properties they need and then generating new, synthesizable candidates up to 10 times faster than traditional discovery methods.

"Next-generation AI compute, clean air and water and sustainable energy - these multi-billion-dollar global challenges share a common barrier: materials," Dr Edwards said in September. "In just a year, we've gone from concept to partnerships with world leaders in automotive, semiconductors, energy, and climate." A person close to CuspAI said the new funding represented an extension of its Series A round, while the company itself declined to comment..