Latest news with #ThriveCapital
Yahoo
2 days ago
- Business
- Yahoo
Anysphere secures $900m funding
Anysphere, the developer of AI coding assistant Cursor, has closed a $900m funding round. Thrive Capital, an OpenAI backer, led the investment. The funding will primarily be used for research and development, focusing on enhancing Anysphere's AI models. Additionally, the company plans to expand its team, which has grown from 60 to more than 100 employees since April 2025. The funding round saw participation from several institutional investors, including Andreessen Horowitz, Accel, and DST Global. With this investment, Bloomberg reports that Anysphere's valuation has reached $9.9bn, nearly quadrupling since its previous funding round in December 2024. This marks Anysphere's third fundraising event in less than a year. Founded in 2023, Anysphere's Cursor features an AI-powered code editor that analyses programmer actions and suggests additional code lines. It also includes a chatbot for code-related queries. The service operates on a subscription model, offering individual and business accounts at $20 and $40, respectively. Anysphere's revenue is largely driven by these subscriptions. However, the company has recently intensified its enterprise sales efforts, resulting in businesses becoming a significant portion of its revenue. Anysphere CEO Michael Truell noted that more than half of Fortune 500 companies now utilise Cursor, reported the media outlet. Truell stated, "I think a lot of the excitement comes from the value that this tech is giving to developers." Cursor has been integrated into daily routines at companies such as OpenAI, Spotify Technology, Major League Baseball, and Instacart. More than one million people use Cursor daily, according to Anysphere, according to the report. CNBC reported in April 2025 that OpenAI had expressed interest in Anysphere last year. "Anysphere secures $900m funding" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
3 days ago
- Business
- TechCrunch
Cursor's Anysphere nabs $9.9B valuation, soars past $500M ARR
Anysphere, the maker of AI coding assistant Cursor, has raised $900 million at a $9.9 billion valuation, Bloomberg reported. The round was led by a returning investor Thrive Capital, with participation from Andreessen Horowitz, Accel and DST Global. The massive round is Anysphere's third fundraise in less than a year. The three-year-old startup secured its previous capital haul of $100 million at a pre-money valuation of $2.5 billion late last year, as TechCrunch was first to report. AI coding assistants, often referred to as 'vibe coders,' have emerged as one of AI's most popular applications, with Cursor leading the category. Anysphere's annualized revenue (ARR) has been doubling approximately every two months, a person familiar with the company told TechCrunch. The company has surpassed $500 million in ARR, sources told Bloomberg, a 60% increase from the $300 million we reported in mid-April. Cursor offers developers tiered pricing. After a two-week free trial, the company converts users into paying customers, who can opt for either a $20 pro-offering or a $40 monthly business subscription. Until recently, the majority of the company's revenue came from individual user subscriptions, Bloomberg reported. However, Anysphere is now offering enterprise licenses, allowing companies to purchase the application for their teams at a higher price point. Earlier this year, the company was approached by OpenAI and other potential buyers, but Anysphere turned down those offers. The ChatGPT maker bought Windsurf, another fast-growing AI assistant reportedly for $3 billion.
CNA
4 days ago
- Business
- CNA
Thrive-backed accounting firm Crete to spend $500 million in AI roll-up
-Crete Professionals Alliance, an accounting platform backed by Thrive Capital, plans to invest over $500 million to acquire U.S.-based accounting firms in the next two years, and equip them with OpenAI-powered artificial intelligence technology to boost efficiency, company executives told Reuters. Crete PA is the latest example of how venture capital firms are going after traditional industries and funding a buying spree to transform local businesses with AI in a roll-up play, from healthcare to property management. Founded in 2023, the company has grown to over $300 million in annual revenue with over 20 accounting businesses, making it one of the fastest-growing accounting firms in the U.S. Crete now has 900 employees across 17 offices, and operations in Asia. The firm has raised a few hundred million from investors such as Thrive, ZBS Partners and Bessemer Venture Partners. It plans to use its cash flow and external capital to fund more roll-ups, through which it acquires majority stakes in local firms and supports them with recruiting and administrative work. Jake Sloane, co-founder of Crete PA and ZBS Partner, has previously built roll-up businesses from veterinary to plumbing. Believing AI tools could help accountants expand their customer base and take on more workloads, he partnered with Thrive to take advantage of the tech investor's expertise and network in May 2024. Since then, Thrive, known for its big bets in Silicon Valley companies such as Stripe, OpenAI and Databricks, has its in-house tech team working with OpenAI to build customized tools and models for the accounting industry, from data mapping and memo writing. Bennie Lewis, President at Assurance Dimensions, one of Crete-owned accounting firms in Tampa, Florida, said that in audit testing, the AI tools saved his team hundreds of hours every month, freeing them up for more client-facing work. Sloane said the roll-up diverges from the traditional private equity approach in allowing accounting practices to maintain a minority equity stake in the local business, ensuring original shareholders remain actively involved. Traditional services like accounting have become a hotbed for venture capital investment, which is typically known for ambitious bets on nascent startups in Silicon Valley. Kareem Zaki, a partner at Thrive, said it takes more than selling the software to create value in a complex industry like accounting, so the fund decided to pursue roll-ups that give it more ownership and control of the businesses. "As full-stack operators of the accounting firm, we can take all the software elements, the operational elements, and be able to flow that through into the end customer experience," Zaki said. Sloane said the goal is not to replace accountants with AI, but to use technology to enhance service quality, while humans build trusted relationships. "I don't believe AI is something that will fundamentally eradicate the need for accountants," Sloane said. The industry has faced challenges such as an accountant shortage. Technology has played a significant role in enhancing productivity in the past, such as software tools like QuickBooks. Thrive Capital is not alone in pursuing roll-ups of services in the hope of AI automation. General Catalyst, another VC firm, is also creating firms that buy companies in professional services, including its accounting firm Accrual. Those investors believe generative AI technology can boost profitability and scalability for service businesses, especially those reliant on knowledge work. While accounting firms have been popular targets for private equity, analysts say it will take time to see if they can deliver the higher returns expected for venture capital investments on the heels of AI automation.
South China Morning Post
5 days ago
- Business
- South China Morning Post
US venture capital firms visit China to study its AI scene as DeepSeek rekindles interest
Joshua Kushner's Thrive Capital and investment firm Capital Group have in recent months visited China to learn about its artificial intelligence (AI) industry, joining a growing number of US investors rekindling interest in the country after DeepSeek's advances stunned Silicon Valley. Advertisement Senior people at Thrive met companies and funds in China to discuss AI, people familiar with their visit to the country said. Kushner did not join the delegation, one of the people said, asking to remain anonymous discussing a private event. At the same time, Capital Group – one of the world's largest funds – dispatched senior executives to China to find out more about the AI scene, the people said. Joshua Kushner, the brother of US President Donald Trump's son-in-law Jared Kushner, seen with his wife Karlie Kloss. Photo: Invision/AP The outreach underscores tentative but mounting interest in a once-overlooked Chinese AI industry that is getting reassessed since DeepSeek proved a home-grown firm can design a platform on par with the likes of OpenAI and Anthropic.
Bloomberg
5 days ago
- Business
- Bloomberg
Capital Group, Kushner's Thrive Visited China to Study AI Scene
Joshua Kushner's Thrive Capital and investment firm Capital Group have in recent months visited China to learn about its AI industry, joining a growing number of US investors rekindling interest in the country after DeepSeek 's advances stunned Silicon Valley. Senior people at Thrive met with companies and funds in China to discuss AI, people familiar with their visit to the country said. Kushner didn't join the delegation, one of the people said, asking to remain anonymous discussing a private event. At the same time, Capital Group - one of the world's largest funds — dispatched senior executives to China to find out more about the AI scene, the people said.
