ARTIFICIAL intelligence (AI) startup Anthropic has projected it will generate more than US$850 million in annualised revenue by the end of 2024, the Information reported on Tuesday (Dec 26), citing two sources with knowledge of the company’s financial picture.

Three months ago the company told some investors it was generating revenue at a US$100 million annualised rate and expected that figure would reach US$500 million 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$1 billion in annualised revenue next year, or US$83 million in revenue per month, the Information reported.

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

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