Sequoia, Lightspeed Fund AI Startups in Frenzied Back to Back Deals

Foundry Technologies is in talks to raise money at a valuation of $350 million, a significant increase from its previous valuation of $50 million.
The increase in valuation highlights the trend of hot companies in the AI sector raising money at rapidly escalating valuations.
Foundry is one of many AI startups that have experienced a meteoric rise in valuation this year.
The company plans to rent servers to companies for running AI software.
The risky pandemic-era fundraising trend of rapidly increasing valuations in short periods of time has returned.