Paperspace, a NYC-based cloud AI company, closed a $13m Series A financing.
The round, which brings total funding to $19m, was led by Battery Ventures, SineWave Ventures, Intel Capital and Sorenson Ventures as well as existing investor Initialized Capital.
The company intends to use the capital to accelerate product innovation of its cloud computing and development solutions.
Led by Dillon Erb, CEO, Paperspace is a cloud computing and ML development platform for building, training and deploying machine learning models. Tens of thousands of individuals, startups and enterprises use the company’s tools to iterate faster and collaborate on intelligent, real-time prediction engines.
The round followed the launch of Gradient, a suite of tools that takes a continuous integration/continuous deployment (CI/CD) approach to building, training and deploying machine learning models.
The company will be rolling out several new products in the coming months.