Arena announced the completion of a $200 million Series B funding round, co-led by Lightspeed Venture Partners and Khosla Ventures, bringing its valuation to $3.1 billion. The company stated that its valuation has nearly doubled in approximately 10 months. Arena, which originated as a research project at the University of California, Berkeley, initially focused on crowdsourcing the ranking of AI models. Its operations have since expanded to include evaluating AI model alignment issues, such as whether models might lie or take unauthorized actions.