Mishcon de Reya has supported CuspAI, a start-up based in Cambridge and Amsterdam, on its $100 million Series A funding round, valuing the business at over $500 million.
The round was led by New Enterprise Associates and Singapore’s sovereign wealth fund, Temasek, with participation from NVentures (Nvidia’s venture capital arm), Samsung Ventures, Hyundai Motor Group, and a number of existing investors and angel backers. This marks one of the largest Series A rounds in the sector this year, underscoring the growing interest in artificial intelligence for chemistry and materials science, and the UK's position as a hub for innovation in this space.
CuspAI, founded by Dr Chad Edwards and Professor Max Welling, is developing AI foundation models for chemistry, enabling the rapid discovery and design of new physical materials. The company's technology acts as a "search engine for the material world", helping partners to specify and create novel substances for applications ranging from more efficient batteries and semiconductors to sustainable alternatives to plastics.
The capital raised will be used to expand CuspAI’s team, open new offices (with a particular focus on Asia), and accelerate the development of its synthesis-aware generative AI models. These models are designed to produce materials that can be manufactured at scale, addressing real-world challenges in sectors such as energy, water purification, and climate change.
CuspAI has already partnered with Meta and Georgia Tech to create OpenDAC, the world's largest dataset for materials capable of direct air capture of carbon dioxide. New partnerships include Hyundai Motor Group, focusing on sustainable energy applications, and Kemira, to develop materials for filtering PFAS from water supplies. The company's advisory board features leading figures in AI and materials science, including Geoffrey Hinton, Yann LeCun, Lord John Browne, Martin van den Brink, Kristin Persson, and Verity Harding.
Chad Edwards, co-founder and CEO, commented: “This funding is a huge step forward for CuspAI. With the support of our partners and investors, we’re building the tools to transform how new materials are discovered and brought to market, tackling some of the world’s most pressing challenges. It was great to have the Mishcon team's support on this deal, they were extremely responsive, commercial, and dedicated to helping us get the round closed in record time.”
Chris Keen, Partner and Head of Emerging Companies at Mishcon de Reya, commented: "What Chad, Max, and the whole CuspAI team have achieved in just eighteen months is remarkable. It is a real privilege to have been working since day zero with a business that is delivering at the edge of what is thought possible, and growing at such an extraordinary pace. The Mishcon and CuspAI teams worked incredibly closely to bring this deal together and we are very proud to have been involved."
For more information about CuspAI, please visit their website.