Posted 3/21/2024, 6:29:24 PM
AI Startup Foundry Exits Stealth with $80M Funding at $350M Valuation to Build ML Cloud, Joining Together's $1.25B Round Despite Predictions of Funding Slowdown
- Foundry emerged from stealth with $80M in funding led by Sequoia and Lightspeed at a $350M valuation
- It is developing a public cloud purpose-built for ML workloads to help companies harness AI
- There are bottlenecks in GPU supply and under-utilization of AI resources
- Despite predictions of a funding slowdown, over $10B has flowed into AI startups so far this year
- Another AI startup, Together, recently raised $106M from Salesforce Ventures at a $1.25B valuation