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HomeFunding CA-based Foundry Secures $80Million in Seed and Series A Round Funding

[Funding alert] CA-based Foundry Secures $80Million in Seed and Series A Round Funding

Foundry, a new breed of public cloud for AI/ML workloads secures $80million in seed and series A round funding to coordinate the world's computational capability, making it usable and accessible to everyone.

Foundry, a new breed of public cloud for AI/ML workloads secures $80million in seed and series A round funding to coordinate the world’s computational capability, making it usable and accessible to everyone.

Along with participation from Redpoint, Microsoft Ventures (M12), Conviction, NEA, and other top technical and business experts in the field, Sequoia Capital and Lightspeed Venture Partners co-led the round.

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It is developing to make sure that mankind makes the most use of the computational power that it currently possesses and will eventually produce.

Shaun Maguire, partner at Sequoia Capital, on why he led the seed and co-led the Series A rounds of Foundry: “Building AI infrastructure is uniquely relevant right now and highly complex to build, requiring profound technical expertise in areas traditionally seen as separate, like; deep learning, distributed systems, the economics of energy, finance, as well as market theory and mechanism design. What Jared and the team at Foundry are building is at the forefront of innovation in the world of public clouds for AI/ML workloads and will deeply influence the ecosystem for years to come.”

These problems are being resolved by Foundry’s creative approaches, which offer scalable GPU instances with unparalleled price-performance ratios. Large corporations like KKR and LG, esteemed educational institutions like Stanford and MIT, and well-known AI companies through cluster relationships with Lightspeed and Pear VC are just a few examples of early adopters.

Foundry’s founder and CEO, Jared Quincy Davis, stated that “AI accelerator compute is arguably the most critical resource in civilization today, so the bottlenecks here reverberate broadly. While the much-discussed GPU shortage is part of the challenge we face, it’s not the only issue. Arguably, the industry suffers vastly more from under-utilization than from under-supply. The work we are doing at Foundry is addressing this from multiple angles.”

Alden Woodrow, COO of Arc Institute, a scientific research organization dedicated to the study of complex human disease said, “Arc has very high performance infrastructure needs for computational biology, and Foundry delivers, Foundry manages to combine perfect uptime and compelling economics with exceptionally fast execution, which allows us to accelerate our development of state of the art foundation models.”

Raviraj Jain, Partner at Lightspeed said, “The AI revolution has set off a global search for far greater computing power, and it’s only the beginning, Foundry is filling a huge gap by helping any company achieve flexibility and scalability in computing pricing and power to bring their AI products to scale and usher in the AI era.”

With the help of this finance, Foundry will be able to grow its business, enhance the range of products it offers, and form more strategic alliances. The company’s goal is to develop the best AI/ML infrastructure platform possible, optimising the use of compute—a vital and significant resource—for the good of society.

About Foundry

Foundry, Founded by former members of the core Deep Learning Team at DeepMind and the Stanford CS PhD programme (under the direction of Matei Zaharia, co-founder of Databricks), Foundry addresses the fundamental technological and economic issues in AI and deep learning.

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Companies nowadays are unable to fully utilise their compute capabilities due to a number of issues, including the well-publicized GPU shortage and the underutilization of compute capacity.

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