AI Evaluation Startup LMArena Valued at $1.7 Billion in New Funding Round

LMArena, a startup that operates a widely cited ranking of AI models based on their performance, has raised $150 million at a valuation of $1.7 billion, including the new money, according to the company. That’s nearly triple the valuation of its seed funding round, announced in May 2025. The funding round, co-led by existing investors Felicis and the University of California’s investment arm, will help the company pay for computing power to run AI models it evaluates for customers such...