AI startup Baseten hits $13 billion valuation as Australia’s Blackbird makes record bet

Baseten, a California-based AI startup co-founded by Australians, secured $1.5 billion in a funding round that values the company at $13 billion.
The funding round was primarily led by U.S.-based investors Sands Capital and Wellington Management, with Blackbird VC, a top Australian venture capital firm, making its largest-ever investment.
Baseten provides customizable AI models at a cheaper cost compared to established providers like OpenAI and Anthropic.
The company reported a 20-fold increase in revenue over the past year due to rising demand for AI inference in real-world applications.
This round represents Baseten’s fourth capital raising in 18 months, indicating strong investor interest in AI infrastructure providers.
Baseten plans to use the new funds to expand its computing capacity, software offerings, and hire additional personnel.
Blackbird partner Michael Tolo highlighted that Baseten is offering a significant price-value shift in the AI market and described the firm’s latest investment as potentially the largest by an Australian venture capital firm to date.
The funds underscore a broader trend of substantial capital flows into AI firms as the demand for advanced AI technologies continues to grow.

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