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Runpod has raised $100 million in a growth round led by Summit Partners, valuing the company at $1 billion. The funds will support expansion of its AI developer cloud platform used by over one million developers.
Runpod has raised $100 million in a growth investment led by Summit Partners, valuing the company at $1 billion, announced in a press release. The capital will be used to expand Runpod's AI developer cloud platform and enhance its tools for building, training, and deploying models.
Runpod provides a single platform for AI developers to experiment, train, fine tune, and scale workloads. The company reports that its Serverless platform has processed over 20 billion inference requests and that more than one million developers use its services. Most new users run their first workload within an hour of signing up.
The funding will support growth in engineering, developer relations, and global access. Summit Partners Managing Director Michael Medici will join Runpod's board of directors. J.P. Morgan Securities acted as sole placement agent for the transaction, with Cooley LLP and Kirkland & Ellis LLP serving as legal counsel for Runpod and Summit Partners respectively.
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