TLDR:
– Foundry, a cloud computing service provider focused on AI workloads, comes out of stealth with a $350 million valuation.
– The company has raised $80 million in total seed and Series A funding and has customers like LG, KKR, and top universities.
An exclusive article from Fortune reveals that Jared Quincy Davis, inspired by AlphaGo, has founded a cloud computing service provider focused on AI workloads called Foundry. The company has recently launched out of stealth after raising $80 million in total seed and Series A funding, co-led by Lightspeed Venture Partners and Sequoia Capital. Foundry is now valued at $350 million and has more than eight figures in revenue. Notable customers include LG, KKR, Stanford, MIT, and Carnegie Mellon University.
Lightspeed partner Raviraj Jain believes that Foundry is positioned for success in the AI industry due to the increasing demand for compute-intensive services for training AI models. Foundry aims to provide these services to a broader market beyond just hyperscalers like AWS. Davis, the founder of Foundry, sees the company as a crucial player in the AI technological shift, offering a rare mix of technical proficiency and economic viability.
Overall, Foundry’s valuation has increased significantly from last year, signaling the growing importance of AI in various industries. With a strong focus on AI workloads and a solid customer base, Foundry seems poised to make a significant impact in the cloud computing and AI sectors.
