VCs Push Three-Month-Old AI Startup Emulate to Billion-Dollar Valuation

Investors are competing to back AI startup Emulate, which is only three months old and has neither a website nor a product. The deals use tranched, two-step rounds that push the company's valuation into the billions.

• Emulate is three months old with no website or product yet
• VCs are structuring two-step rounds with tranches
• The startup's valuation has already reached billions of dollars