Fundraising Fox

Lmarena

Unicorn Β· $1.7B

5 known investors

LMArena is a platform for testing and comparing frontier AI models through user conversations, with data shared to AI providers to support AI research. It serves the AI research community and users who want to interact with and evaluate large language models.

Also known as Arena Β· Arena Intelligence Inc. Β· Chatbot Arena Β· LM Arena Β· LMArena Β· lmarena-ai

Investors Β· 5

Also in the syndicate Β· 3

LDVPThe House FundUC Investmentslead

Valuation Β· disclosed

Disclosed events
$1.7Bvaluation at Series AJan 2026
filing β†—
$600Mvaluation at SeedMay 2025
filing β†—

Source: SEC prospectus filings, and round valuations the company or its investors disclosed β€” follow each entry's link for the claim.

Company profile

researched Aug 2026

LMArena (rebranded to "Arena" on January 28, 2026) operates a public, web-based platform for evaluating large language models and other AI systems. Users submit a prompt, receive responses from two anonymized models side by side, and vote for the better answer; model identities are revealed after voting. Votes are aggregated into Elo-style ratings that populate public leaderboards spanning text, coding, web development, vision, text-to-image and other categories. Users can also select specific models directly ("Direct" mode). The platform began as Chatbot Arena, released April 24, 2023 as a side project of the UC Berkeley LMSYS/SkyLab research community, added image support in June 2024, moved to the lmarena.ai domain in September 2024, and added video support in January 2026.

Model providers including OpenAI, Google DeepMind, Anthropic, Meta and xAI supply models to the platform, and it is frequently used for pre-release testing of unannounced models under codenames β€” examples cited include DeepSeek prototypes, OpenAI's GPT-5 ("summit") and Google DeepMind's Gemini 2.5 Flash Image ("Nano Banana"). In September 2025 the company launched its first commercial product, AI Evaluations, through which enterprises, model labs and developers pay for model evaluation performed via the platform's community.

The organization also publishes datasets, models, spaces and research artifacts publicly (for example under the lmarena-ai organization on Hugging Face, including leaderboard datasets, SearchArena and Arena-Hard-Auto), and states that user conversations may be disclosed to AI providers and publicly to support research, including automated evaluation in which prompts are re-sent to providers for scoring.

Founding story

Anastasios N. Angelopoulos and Wei-Lin Chiang, then EECS PhD students at UC Berkeley, launched Chatbot Arena in 2023 as a side project under the LMSYS research organization, working closely with Berkeley professor Ion Stoica (co-founder of Databricks, Anyscale and Conviva). Their premise was that static academic benchmarks such as MMLU and TruthfulQA did not reflect real-world LLM use, so they built a blind, side-by-side comparison tool grounded in human preference votes. Angelopoulos had worked on trustworthy AI, black-box decision-making and medical machine learning and was a student researcher at Google DeepMind; Chiang studied distributed systems and deep learning frameworks in Stoica's SkyLab with prior research experience at Google Research, Amazon and Microsoft. Growth in usage led to the formal incorporation of Arena Intelligence Inc. in April 2025, with Angelopoulos as CEO, Chiang as CTO and Stoica as co-founder and advisor.

Business model

Core participation in the arena remains free and open to users, while the company monetizes through paid AI evaluation services sold to AI labs and enterprises. At the seed stage the company described a long-term model centered on advanced analytics and enterprise services layered on a free public platform; the first commercial product, AI Evaluations, launched in September 2025.

Paid AI evaluation services for AI labs and enterprises measuring model performance in domains such as software engineering, law, medicine and scientific research. The company reports an annualized consumption run rate (its term for ARR) exceeding $30 million as of December 2025, under four months after the product launched.

Traction

As of the January 2026 announcement, the platform reported more than 5 million monthly users across 150 countries generating more than 60 million conversations per month. At the May 2025 seed round, more than 400 model evaluations had been conducted and over 3 million votes cast. A third-party guide dated September 2025 cited more than 3 million monthly visitors and over 100,000 daily votes. Annualized consumption run rate exceeded $30 million in December 2025. Contrary Research listed 28 employees as of September 2025.

Latest developments

On January 6, 2026 the company announced a $150 million Series A at a $1.7 billion post-money valuation, led by Felicis and UC Investments with participation from Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners and Laude Ventures; proceeds are earmarked for operating the platform, expanding the technical team and strengthening research. Video support went live in January 2026, and the company rebranded from LMArena to "Arena" on January 28, 2026.

β–ΈFull profile β€” market position, technology, go-to-market, geography, history, risks & controversies

Market position

LMArena is widely referenced as a leading third-party, crowdsourced source of AI model performance signal, with leaderboards closely watched by model developers including OpenAI, Google, Meta and xAI. Investors describe it as essential or critical infrastructure for labs and enterprises, positioned as a real-world complement to static academic benchmarks amid a fragmented evaluation landscape (over 320,000 public-facing LLM endpoints as of September 2025) and growing enterprise reliance on internal evaluations.

Rather than fixed question sets graded offline, the platform derives ratings from crowdsourced pairwise human votes on user-generated prompts, capturing a wide distribution of real queries and adding new models within hours of release. The company emphasizes neutrality across model providers, published leaderboard mechanics, open-source methodology and reproducible, publicly released vote data.

Technology

The platform records pairwise A/B votes between anonymized model outputs and converts them into Elo-style ratings using a logistic update with a dynamic K-factor that shrinks as models accumulate matches; a Bayesian (Glicko-2 style) variant accounting for uncertainty on sparse matchups has been described as under internal testing. Rankings are stratified by domain so that, for example, image models do not affect text-chat standings. Prompts are proxied to models via API keys supplied by the platform or donated by model owners, and anti-manipulation measures include IP rate limits, captchas during traffic spikes and minimum account age for heavy voters. The company publishes leaderboard mechanics, raw vote logs and open-source tooling such as Arena-Hard-Auto, and releases datasets publicly.

Go-to-market

Free, open consumer web platform drives community scale and leaderboard visibility, which in turn attracts model providers who supply models and pre-release checkpoints; the company then sells paid evaluation services to those labs and to enterprises. Open publication of methodology, logs and datasets (including via Hugging Face) supports credibility and community adoption.

Two groups: the free public community of developers, researchers, knowledge workers and enthusiasts who use the arena to chat with and compare models; and paying customers β€” AI model labs (e.g., OpenAI, Google, xAI) and enterprises β€” that purchase evaluation services covering coding, reasoning, professional domains such as law and medicine, search and citation, and creative image/video generation.

Geography

Headquartered in San Francisco, California, United States, with origins at UC Berkeley. The user community spans more than 150 countries.

History

Chatbot Arena launched April 24, 2023 as an open research project by UC Berkeley researchers under the LMSYS organization, initially funded by grants and donations. Image support was added in June 2024 and the project moved to its own domain, lmarena.ai, in September 2024. In April 2025 it incorporated as an independent company (Arena Intelligence Inc.), and it has since graduated from LMSYS.org. A rebuilt platform with a new UI, mobile-first design, lower latency, saved chat history and endless chat was relaunched in late May 2025 alongside a $100 million seed round. The AI Evaluations commercial product launched in September 2025. A $150 million Series A closed and was announced January 6, 2026; video support arrived in January 2026 and the company rebranded to "Arena" on January 28, 2026.

Risks & controversies

Research has identified methodological limitations, including a study reported in February 2025 finding that hundreds of rigged votes can skew rankings, and commentary questioning whether the arena is the best benchmark. In April 2025 Meta submitted a version of Llama 4 Maverick to LMArena that differed from the publicly released version, beating GPT-4o and Gemini 2.0 Flash; LMArena updated its policies in response. Also in April 2025 a group of competitors published a paper alleging that LMArena's partnerships with select model providers such as OpenAI, Google and Anthropic allowed those labs to game its benchmarks β€” an allegation the company has denied. Third-party analysis notes further limits: prompt truncation to roughly 32k tokens for cost reasons, voter bias toward English-speaking technology enthusiasts, low head-to-head reproducibility because each duel uses a different prompt, and the one-dimensional nature of Elo when models specialize. The platform also discloses that user conversations and certain personal information may be shared with AI providers and publicly.

Compiled by commissioned research from 8 cited public sources β€” announcements, filings, and press listed under research sources below.

Key figures

latest reported
Annualized consumption run rate (company-described ARR)Dec 2025$30M
Countries reachedJan 2026150
Daily votesSep 2025100,000 votes per day
EmployeesSep 202528 people
Head-to-head comparisons loggedApr 20253,000,000 comparisons
Model evaluations conductedMay 2025$400
Models evaluatedApr 2025400 models
Monthly active usersJan 20265,000,000 users
Monthly conversationsJan 202660,000,000 conversations
Monthly visitorsSep 20253,000,000 visitors
Post-money valuationJan 2026$1.7B
Total capital raisedJan 2026$250M
Votes castMay 20253,000,000 votes

Company-reported or press-reported figures, each dated to when it was claimed β€” not independently audited.

Timeline Β· 12

launches, deals, and filings
Jan 2026
Rebrand from LMArena to Arena

The company rebranded its platform and name to "Arena".

source β†—

Jan 2026
Video Arena live on web

LMArena added video support.

source β†—

Jan 2026
$150M Series A at $1.7B post-money valuation

Series A led by Felicis and UC Investments, with Andreessen Horowitz, The House Fund, LDVP, Kleiner Perkins, Lightspeed Venture Partners and Laude Ventures participating; funds to operate the platform, expand the technical team and strengthen research.

$150M source β†—

Sep 2025
AI Evaluations commercial product launched

First commercial product, AI Evaluations, enabling enterprises, model labs and developers to commission community-based model evaluations.

source β†—

May 2025
$100M seed round at $600M valuation

Seed funding led by a16z and UC Investments with Lightspeed, Laude Ventures, Felicis, Kleiner Perkins and The House Fund participating.

$100M source β†—

May 2025
Rebuilt platform relaunch

Relaunch of a fully rebuilt lmarena.ai with new UI, mobile-first design, lower latency, saved chat history and endless chat.

source β†—

Apr 2025
Competitor paper alleges benchmark gaming

A group of competitors published a paper alleging that LMArena's partnerships with select model makers helped them game its benchmarks; LMArena denied the allegation.

source β†—

Apr 2025
Incorporated as an independent company

LMArena incorporated as an independent company (Arena Intelligence Inc.), spinning out of UC Berkeley/LMSYS.

source β†—

Apr 2025
Llama 4 Maverick benchmark controversy

Meta's Llama 4 Maverick beat GPT-4o and Gemini 2.0 Flash on LMArena, but the submitted version differed from the publicly available one; LMArena updated its policies in response.

source β†—

Sep 2024
Moved to dedicated lmarena.ai domain

Chatbot Arena moved to its own domain name, lmarena.ai, and became known as LMArena.

source β†—

Jun 2024
Image support added

Chatbot Arena added image support (Multimodal Arena).

source β†—

Apr 2023
Chatbot Arena released

The Chatbot Arena platform for blind pairwise LLM comparison was released as a UC Berkeley research project.

source β†—

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

β–ΈResearch sources Β· 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Lmarena do?
Crowdsourced AI evaluation platform whose blind model-vs-model voting produces public LLM leaderboards and paid evaluation services.
Who are Lmarena's investors?
Lmarena's investors include Vela Partners, Felicis Ventures.