Jeff Bezos' artificial intelligence lab is close to raising $10 billion in a new funding round, valuing the new startup called Project Prometheus at $38 billion, the Financial Times reported on Monday, citing sources.
The fundraising comes amid strong investor enthusiasm for AI companies as heavy technology spending reshapes businesses across sectors.
JPMorgan and BlackRock are among the investors in the new round, the newspaper said, adding that the fundraising was expected to close soon but had not been finalized.
The startup is focused on AI for engineering and manufacturing computers, automobiles and spacecraft, according to media reports.
Amazon.com founder Bezos is among the initial investors in the venture and has been leading fundraising effort alongside co-chief executive Vikram Bajaj, the report said.
BlackRock declined to comment. JPMorgan and the project's co-founders, Sherjil Ozair and William Guss, did not immediately respond to Reuters' requests for comment. Bezos could not be reached for comment.