DeepMind spin-off Emulate nears $4bn valuation, raising $700mn

A new start-up, Emulate, founded by researchers leaving DeepMind's London lab, is close to raising $700mn at a $4bn valuation just a month after its founding. This signals intense investor appetite for AI talent and frontier research, and highlights the ongoing talent drain from major AI labs. The valuation is notable for a company with no product yet, reflecting the premium placed on top AI researchers.