OpenRouter raises $113M Series B led by CapitalG

OpenRouter, founded in 2023, has raised 113 million dollars in Series B funding led by CapitalG. CapitalG is the growth venture fund of Alphabet, the parent company of Google. The startup did not disclose its new valuation. The New York Times reports a valuation of about 1.3 billion dollars post-money. This marks an increase from an estimated 547 million dollars post-money valuation a year ago, according to PitchBook. The earlier valuation came after a 40 million dollar Series A round in June 2025 led by Andreessen Horowitz and Menlo Ventures with participation from Sequoia. OpenRouter runs an AI gateway that assists enterprises and other users in selecting different models for specific jobs to control costs or improve reasoning and accuracy. It offers access to more than 400 models, including those from Anthropic, Google, OpenAI, xAI, and DeepSeek. AI work has shifted from training to inference to agents. The company claims 8 million global users and processes 100 trillion tokens per month. This equals about 25 trillion tokens per week. The volume reflects a fivefold increase from 5 trillion tokens per week six months ago. OpenRouter's success shows that the AI model is becoming an invisible, swappable engine for tasks. Companies have no plans to get locked into a model vendor. The multi-model approach is already here.