LMArena, a San Francisco, California–based AI evaluation startup, has raised $150 million in Series A funding, reaching a post-money valuation of $1.7 billion.
Investors
The round was led by Felicis and UC Investments, with participation from Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners, and Laude Ventures.
Felicis is a multi-stage venture capital firm managing over $3 billion in assets and investing globally in ambitious founders from Seed through Growth stages. Founded in 2006, the firm backs startups across AI, infrastructure, biotech, security, and vertical SaaS.
UC Investments is the investment management arm of the University of California (UC) Board of Regents. It manages one of the largest institutional portfolios in the United States, using a long-term, diversified investment approach to generate sustainable returns that support UC’s academic mission, financial aid, and retirement obligations for faculty and staff. The firm invests in high-growth technology and AI companies.
LMArena Use of Funds
The company will use the funds to expand its technical and research teams, operate and scale its platform, and deepen its evaluation methodologies.
About LMArena
LMArena is an open platform that enables anyone to access and interact with the world’s leading AI models, contributing to AI progress through real-world feedback. Built on principles of scientific rigor and transparency, LMArena empowers developers, researchers, knowledge workers, and enthusiasts to compare model outputs, identify performance differences, and advance the reliability of AI systems. Headquartered in San Francisco, California, LMArena's mission is to measure and advance the frontier of AI for real-world use, enabling developers, researchers, enterprises, and everyday users to understand how models behave where it matters most: in practical, everyday tasks.
Funding Details
Company: LMArena
Raised: $150.0M
Round: Series A
Funding Date: January 2026
Lead Investors: Felicis; UC Investments
Additional Investors: Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners, Laude Ventures
Company Website: https://lmarena.ai/
Software Category: AI Evaluation
Source: https://www.prnewswire.com/news-releases/lmarena-raises-150-million-to-build-the-worlds-most-trusted-ai-evaluation-platform-302653012.html