CuspAI raises $100M to build AI 'search engine' to transform materials science
Cambridge-based CuspAI, an artificial intelligence company developing a platform to revolutionize how the world discovers and develops new materials, said today it raised $100 million in a Series A funding round.
The round was co-led by U.S. fund New Enterprise Associates and Temasek, with participation from Nvidia Corp.'s venture capital arm NVentures, Samsung Ventures, Hyundai Motor Group, returning investors and multiple angel investors. The financing comes just over a year after the company's $30 million seed round.
CuspAI was founded in 2024 by Dr. Chad Edwards, a chemist turned technology entrepreneur who previously worked at the quantum computing firm Quantinuum Ltd., and Professor Max Welling, an AI expert and former vice president of technology at Qualcomm Inc.
"Our platform acts like an AI 'search engine' for materials, enabling customers to specify the exact properties they need and generating new, synthesisable candidates up to 10x faster than traditional discovery methods," the founders said in the announcement.
CuspAI's platform acts as a materials-agnostic technology, allowing multiple industries to benefit from its capabilities.
The firm uses generative AI foundation models, deep learning and molecular simulation to accelerate the discovery of new materials and processes. The idea is to have an AI platform that can generate and evaluate the potential of materials on demand, greatly shortening the time it takes for the engineering of industry-suitable molecules and materials.
Since launch, the company has formed multiple industry partnerships across automotive, semiconductors, water purification and climate tech. Partners include Hyundai, focusing on sustainable energy applications; Helsinki-based public chemicals company Kemira Oyj, which is working on removing harmful chemicals commonly found in nonstick cookware and stain-resistant fabrics; and Meta Platforms Inc., which is developing efficient carbon capture processes.
"We can only make real-world impact by continuing to iterate our platform, collaborating on meaningful use cases with industry, and delivering next-gen materials to market faster," Edwards and Welling said.
CuspAI also intends to employ the new funding to scale its operations in the U.S. and Asia, capturing the growing interest in its services from customers.