AI startup Modular raises $100 mln in General Catalyst-led funding
24/08/2023 16:45
Aug 24 (Reuters) - AI startup Modular said on Thursday
it had raised $100 million in a new funding round, led by
venture capital firm General Catalyst, with participation from
existing investors Google Ventures, SV Angel, Greylock and
Factory.
Modular is among a clutch of AI startups that have
benefited from a boom in the hi-tech sector following the
runaway success of
ChatGPT
, attracting strong interest from venture capital firms and
other investors.
The company did not disclose the valuation at which it
raised capital in the new round, but a report by The Information
put it at $600 million earlier this month. It had raised $30
million in June last year.
"This new funding will enable us to scale to the incredible
customer demand we are seeing," co-founder and CEO Chris Lattner
said in a statement.
Founded in 2022, Modular is looking to provide a cheaper
alternative to AI development for enterprises through its
software, bypassing the need for expensive and in-demand chips
from tech companies like Nvidia NVDA.O
(Reporting by Jaiveer Singh Shekhawat in Bengaluru, Editing by
Tasim Zahid)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))