As competition among AI startups heats up, founders and VCs are turning to novel valuation mechanisms to manufacture a perception of market dominance. Until recently, the most sought-after companies raised multiple rounds of funding in quick succession at escalating valuations. However, because constant fundraising distracts founders from building their products, lead VCs have devised a new pricing structure that effectively consolidates what would have been two separate funding cycles into one. Recent rounds employing this scheme include Aaru’s Series A. The synthetic-customer research startup raised a round led by Redpoint, which invested a large portion of its check at a $450 million valuation, the Wall Street Journal reported. Redpoint then invested a smaller portion at a $1 billion valuation, and other VCs joined at that same $1 billion price point, according to our reporting. TechCrunch was the first to report Aaru’s financing, including its multi-tiered valuation. The approach allows desirable startups like Aaru to call themselves a unicorn — valued at more than $1 billion — even though a significant portion of the equity was …