Why Some AI Startups Are Tapping Investment Banks

Wall Street is finding its way into the deluge of artificial intelligence deals as more AI founders enlist banks to help with fundraising.

One of the latest is Lambda Labs. The startup, which rents out servers of Nvidia chips, is working with JPMorgan Chase on its latest fundraising, which is targeting $800 million, according to a person pitched on the deal. 

Canadian model developer Cohere also worked with JPMorgan, as well as Goldman Sachs, to raise a $500 million Series D round that valued the company at $5.5 billion in July.