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AI model ranking project LMArena spins off from UC Berkeley and raises a $100M seed led by a16z and UC Investments, sources say at a $600M valuation (Bloomberg)

bloomberg.com/news/articles/20
techmeme.com/250521/p31#a25052

Greg Linden

@Techmeme What's the revenue model for this startup? Lead generation for AI cloud services? Advertising? Consulting? All of that seems small. How does that get to a $600M valuation?