UK AI startup Emulate seeks $700M seed round at $3B valuation

A $700 million seed round used to be the stuff of late-stage unicorn fantasies. Now it’s what three former Google DeepMind researchers are asking for before their company has shipped a product.

Emulate, a UK-based AI startup founded in August 2026 by Jack Parker-Holder, Matthew McGill, and Philip Ball, is in negotiations to raise $700 million at a pre-money valuation of approximately $3 billion. If the round closes at those terms, the post-money valuation would land near $3.7 billion, making it one of the most richly valued seed-stage companies in history.

What Emulate actually does

The company is building AI systems designed to simulate and predict physical-world dynamics. That focus traces directly back to the founders’ work at DeepMind on the Genie project, which became known for producing realistic video content and interactive 3D worlds.

Index Ventures and Lightspeed Venture Partners are reportedly leading the fundraising discussions.

The DeepMind diaspora is having a moment

Emulate isn’t an isolated case. It’s the third major AI lab to spin out of DeepMind in 2026 alone. Ineffable Intelligence raised $1.1 billion in its seed round earlier in the year, completing Europe’s largest seed round. Recursive Superintelligence secured over $600 million in its own seed. Now Emulate is targeting $700 million.

The fundraising process remains ongoing, and final terms could shift.