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Market Chatter: Google DeepMind Offshoot Emulate in Talks to Raise $700 Million

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British AI startup Emulate, founded by former Google (GOOG, GOOGL) DeepMind researchers, is in advanced talks to raise up to $700 million at a valuation of about $3.7 billion, including the capital raised, The Financial Times reported Thursday, citing people familiar with the matter.

Index Ventures and Lightspeed Venture Partners are expected to jointly lead the funding round, the report said.

The company was incorporated in August and was founded by former DeepMind researchers Jack Parker-Holder, Matthew McGill and Philip Ball, the report said, adding that Emulate has been operating in "stealth mode" without a public profile.

Index Ventures and Lightspeed Venture Partners didn't immediately reply to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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