Flapping Airplanes, a one-year-old AI startup, has raised $1 billion in Series A funding at a reported valuation of $6 billion. The round was co-led by Index Ventures and Lux Capital, with participation from existing investors Sequoia Capital, GV and Kleiner Perkins. Nvidia and other investors have also backed the company.

The latest funding comes just nine months after Flapping Airplanes raised $180 million in seed funding from GV, Sequoia Capital and Index Ventures at a $1.5 billion valuation. With its latest round, the company’s valuation has increased fourfold.

Founded by Aidan Smith and brothers Asher Spector and Ben Spector, the San Francisco-based startup focuses on developing AI technology that can train large models using less data and computing power.

The company is also working to improve the efficiency of Nvidia’s graphics processing units (GPUs), which are widely used to train and run AI models. Its software is designed to help these chips perform more tasks efficiently, potentially reducing the computing resources required for AI development.

Co-founder Asher Spector believes that demand for AI will continue to grow faster than the supply of chips and computing infrastructure. He said that even a 10% improvement in chip performance could deliver significant economic value as companies invest heavily in AI infrastructure.

Flapping Airplanes belongs to a growing group of AI research startups, often called AI neolabs, that focus on developing new technologies before bringing products to market. The company plans to commercialise its technology and make AI more accessible to businesses.

The latest funding highlights investor interest in startups working to make AI development more efficient as demand for computing power continues to rise.