AI startup Modular raises $250 million, seeks to challenge Nvidia dominance

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AI startup Modular said on Wednesday it raised $250 million in a funding round valuing it at $1.6 billion, as it aims to challenge Nvidia‘s software stranglehold on the AI computing market.

The funding, which nearly tripled the company’s valuation from two years ago, was led by U.S. Innovative Technology fund. DFJ Growth and all existing investors, including GV, General Catalyst and Greylock also joined the round.

Founded in 2022 by veteran engineers at Apple and Google, Modular’s platform is designed to allow developers to run their AI applications…



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AI startup Modular raises $250 million, seeks to challenge Nvidia dominance



AI startup Modular said on Wednesday it raised $250 million in a funding round valuing it at $1.6 billion, as it aims to challenge Nvidia‘s software stranglehold on the AI computing market.

The funding, which nearly tripled the company’s valuation from two years ago, was led by U.S. Innovative Technology fund. DFJ Growth and all existing investors, including GV, General Catalyst and Greylock also joined the round.

Founded in 2022 by veteran engineers at Apple and Google, Modular’s platform is designed to allow developers to run their AI applications…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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