TLDR:
Foundry, a startup focused on AI, received $80 million in funding for a purpose-built AI cloud. The round was co-led by Sequoia Capital and Lightspeed Venture Partners, with participation from Redpoint, Microsoft Ventures, Conviction, NEA, and others. The company aims to maximize computing power for AI workloads and address bottlenecks in the industry. Despite predictions of a funding slowdown, the AI industry has seen over $10 billion in investments this year.
Summary:
Foundry, a startup based in Palo Alto, California, recently emerged from stealth mode with an $80 million funding round co-led by Sequoia Capital and Lightspeed Venture Partners. The startup is developing a public cloud specifically designed for machine learning workloads. Founder and CEO, Jared Quincy Davis, who is a former DeepMind employee, stated that the company’s mission is to maximize the utility of computing power for AI applications.
The funding round reportedly valued Foundry at $350 million. The company aims to address challenges in the AI industry, particularly related to AI accelerator compute. Foundry believes that under-utilization is a more significant issue than under-supply in the industry. The company’s approach aims to tackle these challenges from multiple angles.
Despite some predictions of a funding slowdown, the AI industry remains strong, with over $10 billion invested in the sector so far this year. Foundry’s funding round is a part of this trend. Another AI startup, Together, recently raised $106 million, doubling its valuation to $1.25 billion. The Menlo Park-based company has developed a cloud platform for developers to work with open and custom AI models.
In conclusion, Foundry’s emergence from stealth with significant funding highlights the continued interest and investment in AI technology. The company’s focus on addressing critical challenges in the industry and maximizing computing power for AI applications positions it well in the competitive AI landscape.
