Foundry secures $80m in funding to revolutionize AI/ML public cloud infrastructure
In an ambitious move that marks a significant milestone in the realm of artificial intelligence and machine learning (AI/ML) infrastructure, Foundry has announced a substantial $80 million in combined seed and Series A funding. This infusion of capital, co-led by industry giants Sequoia Capital and Lightspeed Venture Partners, positions Foundry to orchestrate and make universally accessible the world’s computing capacity. Additional participation from notable firms like Redpoint, Microsoft Ventures (M12), Conviction, NEA, and other eminent figures from the tech sector underscores the groundbreaking potential of Foundry’s vision.
At the heart of Foundry’s mission is the aspiration to ensure humanity can maximize the utility of existing and future computing power. This endeavor is critical in an era where AI and ML workloads demand unprecedented computational resources. Shaun Maguire, a partner at Sequoia Capital, lauded Foundry’s innovative approach to building AI infrastructure as “uniquely relevant” and “highly complex,” requiring a deep technical acumen spanning multiple disciplines.
Founded by veterans of DeepMind and alumni from Stanford’s Computer Science PhD program, including collaboration with Databricks co-founder Matei Zaharia, Foundry is uniquely positioned to address the economic and technical hurdles facing AI development. From grappling with the GPU shortage to improving the under-utilization of compute capacity, Foundry is pioneering scalable solutions that offer unparalleled price-performance ratios. Its services have already attracted a wide range of early adopters, from multinational corporations like KKR and LG to leading academic institutions and AI startups.
Jared Quincy Davis, founder and CEO of Foundry, emphasized the significance of AI accelerator compute as a pivotal resource in today’s civilization. By enhancing the efficiency and utilization of compute resources, Foundry is not only addressing immediate industry challenges but is also paving the way for a more innovative and scalable AI/ML ecosystem.
The backing from Arc Institute’s COO, Alden Woodrow, further validates Foundry’s impact, highlighting the platform’s exceptional performance, reliability, and economic viability for computational biology and beyond.
With this latest round of funding, Foundry is set to expand its operations, refine its product offerings, and forge strategic partnerships, establishing itself as the ultimate AI/ML infrastructure platform. This advancement promises to significantly contribute to society by maximizing the application and efficiency of compute resources in ushering in the AI era, as noted by Raviraj Jain, Partner at Lightspeed.
Foundry’s recent funding round is a testament to the critical role of AI/ML public cloud infrastructure in the technological landscape. By addressing key challenges such as the GPU shortage and compute under-utilization, Foundry is at the forefront of enabling the next wave of AI innovation. This initiative not only enhances the capabilities of current AI applications but also democratizes access to powerful computing resources, fostering a new era of technological advancement and societal benefit.