Arvind Jain, co-founder and CEO of Glean, makes a selfie with employees of the startup, which is based in Palo Alto, Calif.
Glean
Artificial intelligence startup Glean attracted tech companies Databricks and Workday into its latest investment round. The Silicon Valley company also reeled in cash from Wall Street.
Glean, whose software sifts through corporate repositories to provide quick answers to workers’ questions, said Tuesday that it’s raised $200 million at a $2.2 billion valuation. Banking giant Citigroup joined the lineup of software companies and traditional venture firms Kleiner Perkins, Lightspeed and Sequoia in getting a piece of the fast-growing AI business.
“When people are excited about the potential of a technology relative to other things, people are willing to pay a higher valuation, because they’re excited about the market potential,” Arvind Purushotham, head of Citi Ventures, told CNBC in an interview. “They think the overall exit will be even larger.”
Glean’s annualized revenue at the end of January was $39 million, up from $10 million a year earlier. Advancements in AI have allowed the company to augment its product with large language models (LLMs) that can produce natural-sounding text in response to a few words of written input.
The 4-year-old company, which currently has 337 employees, wants to get bigger quickly and could hit 700 staffers by the end of the year, according to co-founder and CEO Arvind Jain.
Many organizations are trying to figure out how much productivity can increase by using generative AI tools such as the Copilot add-on for Microsoft 365 subscriptions. Popularity in the space has surged since OpenAI launched the free ChatGPT chatbot in late 2022, but the business-focused products can be pricey.
Jain declined to talk about the cost of the service. He said it’s based on the number of people using the product each month. OpenAI doesn’t disclose pricing for ChatGPT’s enterprise tier either, but the team version costs $25 per person per month.
Jain, a former Google distinguished engineer and co-founder of data security startup Rubrik, said he sees OpenAI as a partner, because Glean draws on LLMs from OpenAI and other companies to operate an AI assistant to answer questions based on available data. The Copilot for Microsoft 365, which offers a chat tool, is a more direct competitor, Jain said.
At the moment, Jain said he isn’t spending a lot of energy trying to increase the amount of revenue the company derives from each individual engaging with the product.
“I’m way more focused on how do we get way more users on the platform,” he said.
Clients include Confluent, Databricks and Sony Electronics. A spokesperson said one client has more than 100,000 users, and another is in the midst of deploying Glean to over 100,000 of its employees.
While Glean initially targeted the tech industry, it’s now looking to expand in financial services, retail, manufacturing and other sectors, Jain said.
The tech team inside Citigroup’s Markets business segment, which offers cross-asset sales and trading to companies and governments, came across Glean as it was looking for the ability to search and summarize data, Purushotham said. The technology is applicable companywide, he added.
Citi hasn’t started paying for Glean, but the bank will do a pilot evaluation and might end up as a customer, Purushotham said.
Inside a secretive set of buildings in Santa Barbara, California, scientists at Alphabet are working on one of the company’s most ambitious bets yet. They’re attempting to develop the world’s most advanced quantum computers.
“In the future, quantum and AI, they could really complement each other back and forth,” said Julian Kelly, director of hardware at Google Quantum AI.
Google has been viewed by many as late to the generative AI boom, because OpenAI broke into the mainstream first with ChatGPT in late 2022.
Late last year, Google made clear that it wouldn’t be caught on the backfoot again. The company unveiled a breakthrough quantum computing chip called Willow, which it says can solve a benchmark problem unimaginably faster than what’s possible with a classical computer, and demonstrated that adding more quantum bits to the chip reduced errors exponentially.
“That’s a milestone for the field,” said John Preskill, director of the Caltech Institute for Quantum Information and Matter. “We’ve been wanting to see that for quite a while.”
Willow may now give Google a chance to take the lead in the next technological era. It also could be a way to turn research into a commercial opportunity, especially as AI hits a data wall. Leading AI models are running out of high-quality data to train on after already scraping much of the data on the internet.
“One of the potential applications that you can think of for a quantum computer is generating new and novel data,” said Kelly.
He uses the example of AlphaFold, an AI model developed by Google DeepMind that helps scientists study protein structures. Its creators won the 2024 Nobel Prize in Chemistry.
“[AlphaFold] trains on data that’s informed by quantum mechanics, but that’s actually not that common,” said Kelly. “So a thing that a quantum computer could do is generate data that AI could then be trained on in order to give it a little more information about how quantum mechanics works.”
Kelly has said that he believes Google is only about five years away from a breakout, practical application that can only be solved on a quantum computer. But for Google to win the next big platform shift, it would have to turn a breakthrough into a business.
An attendee wearing a Super Mario costume uses a Nintendo Switch 2 game console while playing a video game during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025.
Isabel Infantes | Reuters
Nintendo on Friday announced that retail preorder for its Nintendo Switch 2 gaming system will begin on April 24 starting at $449.99.
Preorders for the hotly anticipated console were initially slated for April 9, but Nintendo delayed the date to assess the impact of the far-reaching, aggressive “reciprocal” tariffs that President Donald Trump announced earlier this month.
Most electronics companies, including Nintendo, manufacture their products in Asia. Nintendo’s Switch 1 consoles were made in China and Vietnam, Reuters reported in 2019. Trump has imposed a 145% tariff rate on China and a 10% rate on Vietnam. The latter is down from 46%, after he instituted a 90-day pause to allow for negotiations.
Nintendo said Friday that the Switch 2 will cost $449.99 in the U.S., which is the same price the company first announced on April 2.
“We apologize for the retail pre-order delay, and hope this reduces some of the uncertainty our consumers may be experiencing,” Nintendo said in a statement. “We thank our customers for their patience, and we share their excitement to experience Nintendo Switch 2 starting June 5, 2025.”
The Nintendo Switch 2 and “Mario Kart World“ bundle will cost $499.99, the digital version “Mario Kart World” will cost $79.99 and the digital version of “Donkey Kong Bananza” will cost $69.99, Nintendo said. All of those prices remain unchanged from the company’s initial announcement.
However, accessories for the Nintendo Switch 2 will “experience price adjustments,” the company said, and other future changes in costs are possible for “any Nintendo product.”
It will cost gamers $10 more to by the dock set, $1 more to buy the controller strap and $5 more to buy most other accessories, for instance.
An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.
Victor J. Blue/Bloomberg via Getty Images
Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices.
In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app.
“While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said.
Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. The site, which had 5.6 million active sellers as of the end of December, competes with e-commerce juggernaut Amazon, as well as newer entrants that have ties to China like Temu, Shein and TikTok Shop.
By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners. Trump has imposed tariffs on most foreign countries, with China facing a rate of 145%, and other nations facing 10% rates after he instituted a 90-day pause to allow for negotiations. Trump also signed an executive order that will end the de minimis provision, a loophole for low-value shipments often used by online businesses, on May 2.
Temu and Shein have already announced they plan to raise prices late next week in response to the tariffs. Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices.
Silverman said Etsy has provided guidance for its sellers to help them “run their businesses with as little disruption as possible” in the wake of tariffs and changes to the de minimis exemption.
Before Trump’s “Liberation Day” tariffs took effect, Silverman said on the company’s fourth-quarter earnings call in late February that he expects Etsy to benefit from the tariffs and de minimis restrictions because it “has much less dependence on products coming in from China.”
“We’re doing whatever work we can do to anticipate and prepare for come what may,” Silverman said at the time. “In general, though, I think Etsy will be more resilient than many of our competitors in these situations.”
Still, American shoppers may face higher prices on Etsy as U.S. businesses that source their products or components from China pass some of those costs on to consumers.
Etsy shares are down 17% this year, slightly more than the Nasdaq.