Emulate Seeks Up to $700 Million as DeepMind Alumni Fuel New AI Startup Wave

Emulate, a UK artificial intelligence startup founded by former Google DeepMind world-model researchers, is in advanced talks to raise as much as $700 million at a valuation near $3.7 billion including new capital, underscoring how aggressively investors are backing elite AI lab alumni before products are public. The round has not closed, and reported valuation figures differ by basis, with one account placing the valuation at $3.7 billion pre-money and another at about $3 billion before new funds are added.