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AI Compute Startup Lambda Hits $1.5B Valuation After Massive $320M Raise

Feb 20, 2024 - news.crunchbase.com
Lambda, a startup that offers cloud computing services and hardware for training AI software, has achieved unicorn status following a $320 million Series C funding round. The round, which valued the company at $1.5 billion, was led by Thomas Tull’s US Innovative Technology Fund and included participation from new and existing investors. Lambda's customers include Microsoft and Amazon. The funding marks the largest round by an AI startup this year, contributing to the more than $3 billion raised by AI startups this year.

In related news, Together AI, another startup linked to Nvidia, is reportedly raising over $100 million at a valuation exceeding $1 billion. Salesforce Ventures 1 is expected to lead the round, which would more than double the company's valuation from its last funding round in November.

Key takeaways:

  • Lambda, a startup that offers cloud computing services and hardware for training AI software, reached unicorn status after a $320 million Series C funding round, valuing the company at $1.5 billion.
  • The funding round was led by Thomas Tull’s US Innovative Technology Fund and included participation from new investors B Capital, SK Telecom, funds and accounts advised by T. Rowe Price Associates, and existing investors Crescent Cove, Mercato Partners, 1517 Fund, Bloomberg Beta and Gradient Ventures.
  • Another AI cloud infrastructure company, CoreWeave, raised $200 million in a Series B extension funding round, valuing it at $2 billion.
  • Together AI, another startup related to Nvidia, is reportedly raising more than $100 million at a valuation of over $1 billion, with Salesforce Ventures 1 expected to lead the round.
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