Popular AI leaderboard Arena nearly doubles valuation to $3.1B valuation in 10 months

Arena, which originated in 2023 as a research project at UC Berkeley that crowdsourced rankings of AI models, has raised a $200 million Series B round at a $3.1 billion valuation, it said on Thursday. This comes after the company said it reached $100 million in annualized run-rate revenue in June. The round was led by Lightspeed Venture Partners and Khosla Ventures, with Salesforce Ventures, 01 Advisors, Dell Technologies Capital, Endeavor Catalyst, a16z, Felicis and others joining in.

Arena previously announced a $150 million Series A in January at a $1.7 billion post-money valuation. At the time, its annualized revenue was $30 million, it said. So that means its valuation has nearly doubled in about 10 months. Arena provides a crowdsourced platform that is free for consumers to use. People enter prompts or request vibe-coded projects and then rate which model does it…