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According to a source familiar with the matter, Anthropic, an AI startup, is currently in talks to raise a substantial $750 million in a funding round, spearheaded by Menlo Ventures. The startup’s pre-funding valuation stands at a noteworthy $18.4 billion.

Founded by Dario and Daniela Amodei, former executives at Microsoft-backed OpenAI, Anthropic is aggressively pursuing resources and strong backers to challenge OpenAI’s dominance and carve its path as a frontrunner in the tech realm. The Information initially broke the news of this funding round earlier in the day. Anthropic’s Claude AI models have been contending for recognition alongside OpenAI’s esteemed GPT series.

Notably, the company has already secured investments from tech giants like Google (NASDAQ: GOOGL) and (NASDAQ: AMZN), with both companies committing significant sums—up to $2 billion and $4 billion, respectively—over the past few months. Reports from November had also hinted at discussions between Anthropic CEO Dario Amodei and OpenAI’s board, suggesting a potential shift in leadership and the prospect of merging the two AI startups.