Nvidia Joins $700 Million Nebius Deal For AI Cloud Services
Dec 02, 2024 - news.bensbites.com
Nebius Group NV, formerly known as Russian internet giant Yandex, has secured $700 million in funding from investors including Nvidia Corp. and Accel Partners LP. The technology company will issue 33.3 million shares at $21 each as part of the private placement financing, as announced in a statement on Monday.
The company has also decided to put on hold its previous plans for a share buyback. The new funding will likely be used to further its technology development and expansion.
Key takeaways:
Nebius Group NV, formerly known as Russian internet giant Yandex, has raised $700 million from investors.
Investors include Nvidia Corp. and Accel Partners LP.
The company will issue 33.3 million shares at $21 each as part of the private placement financing.
Nebius has decided to shelve its earlier plans for a share buyback.
