AI training platform company Fleet sees 60x revenue growth in a few months, now in talks for $750 million valuation funding.

According to 1M AI News's monitoring, the reinforcement learning training environment startup Fleet is in negotiations for a new round of funding, with a scale of at least $50 million and a post-money valuation of about $7.5 billion. This represents a valuation increase of over seven times from the seed round valuation of less than $100 million. Bain Capital Ventures under Bain Capital is in negotiations to lead the round, with planned follow-on investments from Sequoia Capital, Menlo Ventures, and SV Angel.

Founded in 2024, Fleet's core business is to build a reinforcement learning training environment (RL gym) for AI labs: developing replicas of popular applications such as Salesforce and Excel to allow models to learn how to operate these software programs. The company initially focused on training data for browser and computer operation scenarios and later expanded to more types of applications. Founder Nic Ouporov was previously the founding engineer of the no-code automation startup Respell, which was acquired by Salesforce in January 2024.

The key driver of this funding round is the explosive revenue growth: Fleet's annualized revenue has increased from about $1 million at the end of last year to over $60 million in recent weeks (calculated by multiplying the revenue of the most recent quarter by four). However, the sustainability of this type of growth is in doubt. In recent months, AI labs have seen a sharp increase in demand for training data, with the sales of many data and RL environment startup companies skyrocketing, leading to a rising tide lifting all boats. Over time, labs may consolidate data spending with a few vendors, and some startup companies may be eliminated. Fleet's competitors include not only similar RL environment providers but also traditional data annotation companies such as Mercor, Surge, and Turing, which are adding RL environment services to their existing businesses.