Nvidia-backed startup Together AI announced on Wednesday that it has secured $106 million in a recent funding round, attracting investors eager to support companies capitalizing on the growing generative AI trend. Led by Salesforce Ventures, the funding round has boosted Together AI’s valuation to $1.25 billion, double its value from last autumn. Coatue Management and existing investors such as Lux Capital and Emergence Capital also participated in the round.
Founded in 2022, Together AI quickly gained popularity by providing access to Nvidia’s highly sought-after graphics processing units (GPUs). Now, the startup aims to expand its platform to assist developers in building and customizing their own open-source AI models. While customers may initially be drawn in by the GPUs, they find themselves staying for the comprehensive workflow services and research offered by Together AI.
Rob Keith, the Managing Director at Salesforce Ventures, who led the investment, stated, “Customers ‘come for the GPUs, but stay for the workflow services and research.” He emphasized the value of Together AI beyond just the hardware.
The newly acquired funds will be utilized to lease additional computing power from cloud providers and hire more researchers to develop new model architectures. According to Vipul Ved Prakash, the CEO of Together AI, the company currently boasts 45,000 registered users from both AI startups and multinational enterprises. Prakash added, “We are really becoming one of the default places if you want to use open models or customized models and deploy them for large-scale applications.”
In November, Together AI had successfully raised $102.5 million in a series A funding round led by Kleiner Perkins, valuing the company at over $500 million. Nvidia also participated in the previous funding round.
Investments in AI startups have been on the rise, particularly since the introduction of OpenAI’s ChatGPT. Investors see potential in companies that can leverage AI technology and present a challenge to industry leaders. With Together AI’s continued growth and the significant funding secured, the startup is well-positioned to continue its success in the generative AI market.
FAQs
1. What is Together AI?
Together AI is a startup backed by Nvidia that provides access to graphics processing units (GPUs) and offers workflow services and research support for developers building or customizing open-source AI models.
2. How much funding did Together AI raise in the latest funding round?
Together AI raised $106 million in its most recent funding round, led by Salesforce Ventures, which doubled its valuation to $1.25 billion.
3. What will the new funding be used for?
The new funding will be used to lease more computing power from cloud providers and hire researchers to develop new model architecture for Together AI.
4. How many registered users does Together AI currently have?
Together AI currently has 45,000 registered users from AI startups and multinational enterprises.
5. How much funding did Together AI raise in the previous funding round?
In the previous funding round, Together AI raised $102.5 million, led by Kleiner Perkins, valuing the company at over $500 million. Nvidia also participated in the funding round.
Sources:
– [Salesforce Ventures](https://www.salesforce.com/company/news-press/stories/2021/5/salesforce-ventures-invests-in-together-ai/)
– [Nvidia-backed Together AI Raises $106 Million](https://www.theinformation.com/articles/nvidia-backed-together-ai-raises-106-million)
FAQs
1. What is Together AI?
Together AI is a startup backed by Nvidia that provides access to graphics processing units (GPUs) and offers workflow services and research support for developers building or customizing open-source AI models.
2. How much funding did Together AI raise in the latest funding round?
Together AI raised $106 million in its most recent funding round, led by Salesforce Ventures, which doubled its valuation to $1.25 billion.
3. What will the new funding be used for?
The new funding will be used to lease more computing power from cloud providers and hire researchers to develop new model architecture for Together AI.
4. How many registered users does Together AI currently have?
Together AI currently has 45,000 registered users from AI startups and multinational enterprises.
5. How much funding did Together AI raise in the previous funding round?
In the previous funding round, Together AI raised $102.5 million, led by Kleiner Perkins, valuing the company at over $500 million. Nvidia also participated in the funding round.
Sources:
– Salesforce Ventures
– Nvidia-backed Together AI Raises $106 Million
The source of the article is from the blog trebujena.net