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)
https://www.bloomberg.com/news/articles/2025-05-21/lmarena-goes-from-academic-project-to-600-million-startup
http://www.techmeme.com/250521/p31#a250521p31
@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?