Major U.S. bank, JPMorgan Chase, to establish a digital retail bank in Germany, marking its entry into the competitive German banking market.
In a significant shift for the tech industry, AI-driven search tools are transforming the strategies businesses use to remain visible on search engines. This rapid change, often referred to as SEO, GEO, or simply good content, is becoming increasingly crucial for businesses to adapt to in order to stay relevant.
California-based AI search startup Perplexity AI is at the forefront of this revolution, having secured US$200 million in new funding, according to a recent report by The Information. This latest investment values the company at an impressive US$14 billion, marking a significant increase from its valuation of US$10 billion in July, when it raised a further US$100 million, pushing its valuation to US$18 billion.
Perplexity's fundraising spree has been consistent over the past year, with the company raising funds roughly once every two months. This latest round of funding comes after Perplexity last month bid to acquire Google's Chrome browser for US$34.5 billion, a move that, if successful, would have drastically altered the landscape of the browser market.
However, a federal judge recently ruled that Google does not need to break up its search business, allowing it to retain Chrome. This decision could potentially impact Perplexity's acquisition bid, but the company remains undeterred in its mission to revolutionize the search industry.
Meanwhile, another major player in the AI-driven search field, Figure, has also been making waves. The company, which offers a new browser platform under the name "Silk", has received over one billion US dollars in financing in recent months. The latest investment values the company at US$20 billion, making it a formidable competitor in the AI search market.
The emergence of AI-driven search tools such as Perplexity, OpenAI's ChatGPT, and Google's AI Overviews has introduced the concept of generative engine optimisation (GEO). As AI systems increasingly provide complete answers to user queries, businesses are observing declining click-through rates and have little choice but to adapt to this new era. The cost of not adapting to these changing strategies for staying visible on search engines could result in invisibility for businesses.
Total funding for Perplexity now exceeds US$1 billion, a testament to the company's potential to shape the future of search. As the AI-driven search revolution continues to gather pace, it remains to be seen how the industry will evolve and which companies will emerge as leaders in this new landscape.
