SAN FRANCISCO, July 2 -- Two years after quietly launching a privacy-focused AI platform without outside investors, Venice AI has raised $65 million in its first external round at a $1 billion valuation, becoming a unicorn before most of Silicon Valley had heard its name.

The Series A, led by Dragonfly, the crypto-focused venture firm, and joined by Coinbase Ventures and North Island Ventures, was announced Wednesday. Venice reached unicorn status on its first fundraise, unusual in any year, and particularly striking given that most AI companies in 2026 spent years in multiple funding rounds before their valuations caught up to their revenues, TechCrunch reported.

Venice's revenue caught up first. The company says it is already profitab...