NEW YORK: Artificial intelligence (AI) startup Anthropic is projecting it will generate more than US$850mil in annualised revenue by the end of 2024, the Information reports, citing two people with knowledge of the company’s financial picture.

       Three months ago the company told some investors it was generating revenue at a US$100mil annualised rate and expected that figure would reach US$500mil by the end of 2024, according to the report.

       Backed by Amazon.com and Alphabet’s Google, Anthropic is one of a series of companies building generative AI systems that can create human-like responses and content.

       It was co-founded by former executives at Microsoft-backed rival OpenAI and siblings Dario and Daniela Amodei.

       Its Claude AI models have vied for prominence with OpenAI’s GPT series.

       Some people close to the company believe Anthropic could reach US$1bil in annualised revenue next year, or US$83mil in revenue per month, the Information reported.

       The company is also in discussions to raise US$750mil in a funding round led by Menlo Ventures, a source with direct knowledge of the matter said last week.

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       In the past few months, Google and Amazon agreed to invest up to US$2bil and US$4bil, respectively, in the company. — Reuters