LangChain, an AI infrastructure startup providing tools for LLM-powered applications, is reportedly raising a new round of funding at a $1 billion valuation led by IVP.
Founded by Harrison Chase in late 2022, LangChain started as an open-source project and secured previous funding rounds, with LangSmith, a product for monitoring LLM applications, contributing to its success.
LangSmith, introduced last year, has helped LangChain achieve an ARR between $12-16 million, attracting companies like Klarna, Rippling, and Replit as customers.
Although LangSmith dominates the LLM operations market, it faces competition from smaller players like Langfuse and Helicone, with IVP declining to comment on the funding round.