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Baseten nabs $40M for its cloud-based AI inference platform - SiliconANGLE

Mar 04, 2024 - siliconangle.com
Baseten Labs Inc., a San Francisco-based startup that simplifies the process of running artificial intelligence models in production, has secured $40 million in funding. The round was led by IVP and Spark Capital, with participation from several existing investors. The Series B raise reportedly values Baseten at over $200 million. The company's platform automates many tasks involved in running production AI environments, including initial model deployment, autoscaling for sudden traffic spikes, and tracking infrastructure usage.

The funds will be used to expand Baseten's customer base by nearly doubling its sales and marketing team, and to finance product development initiatives. The company plans to introduce support for more cloud platforms and tools to optimize the performance of customers' AI models and make them easier to train. Baseten's platform is currently used by about 20 large organizations and tens of thousands of developers, with annual revenue reportedly in the "mid single-digit millions."

Key takeaways:

  • Baseten Labs Inc. has secured a $40 million funding round led by IVP and Spark Capital, valuing the company at over $200 million.
  • The company offers a cloud-based AI inference platform that automates many tasks involved in running production AI environments, including handling sudden traffic spikes and managing cloud costs.
  • Baseten's platform is used by about 20 large organizations and tens of thousands of developers, with annual revenue reportedly in the mid single-digit millions.
  • The new funding will be used to expand the company's sales and marketing team, develop new products, and add support for more cloud platforms.
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