Lambda Raises $320M At Over $1.5 Billion Valuation


Lambda, a San Jose, CA-based GPU cloud company, raised $320M in Series C, at over $1.5 Billion valuation.

The round was led by Thomas Tull’s US Innovative Technology with participation from new investors B Capital, SK Telecom, funds and accounts advised by T. Rowe Price Associates, Inc., and existing investors Crescent Cove, Mercato Partners, 1517 Fund, Bloomberg Beta, and Gradient Ventures, among others.

The company intends to use the funds to expand its AI cloud business, including its on-demand and reserved cloud offerings.

Founded in 2012, Lambda is an AI compute platform serving developers across the entire AI development lifecycle. Its solution enable AI engineers to build, test and deploy AI products at scale. The product portfolio spans from on-prem GPU hardware to hosted GPUs in the cloud. The company has amassed over 100,000 customer sign-ups on Lambda Cloud. An early provider of NVIDIA H100 Tensor Core GPUs, it is chosen by AI developers for its access to architectures for training, tuning and inferencing of generative AI, large language models and foundation models. Its hardware and private cloud business serves over 5,000 customers across manufacturing, healthcare, pharmaceuticals, financial services, and the U.S. government.

Lambda’s AI Cloud has been adopted by companies and research institutions including Anyscale, Rakuten, The AI Institute, and multiple enterprises with over a trillion dollars of market capitalization.