"Naveen Rao, who was formerly the head of artificial intelligence at Databricks, is in talks to raise a $1 billion at a $5 billion valuation for a new startup, called Unconventional, Inc., that's building a new type of computer, according to four people familiar with discussions. Andreessen Horowitz has agreed to lead the investment, and Lightspeed and Lux Capital are also participating in the deal,"
"two of the sources said, although none of those VCs firms responded to our request for comment. Databricks is also said to be investing in Rao's new company, Bloomberg reported last month. Rao has already raised hundreds of millions and plans to begin building the startup without waiting for the full $1 billion round to close, our sources said. He plans to raise the rest of the capital in installments, a funding approach commonly referred to as a "tranched" round."
Naveen Rao is founding Unconventional, Inc. and pursuing a $1 billion raise at a $5 billion valuation to develop a new type of computer substrate inspired by biological efficiency. Andreessen Horowitz has agreed to lead the financing, with Lightspeed and Lux Capital participating and Databricks reportedly investing. Rao plans to begin building before the full round closes and will raise remaining capital in installments via a tranched structure. Rao previously sold MosaicML to Databricks for $1.3 billion and co-founded Nervana Systems, acquired by Intel for more than $400 million.
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