Foundry Secures $80 Million in Funding

Foundry Secures $80 Million in Funding

Foundry, a Palo Alto, CA-based public cloud designed specifically for AI/ML workloads, has secured $80 million in seed and Series A funding.

The round was co-led by Sequoia Capital and Lightspeed Venture Partners. Other notable participants include Redpoint, Microsoft Ventures (M12), Conviction, NEA, and leading technical and commercial minds from the industry.

Sequoia Capital is a venture capital firm based in Menlo Park, California. Founded in 1972, the firm seeks to invest in early to growth-stage companies operating in the information technology, healthcare, manufacturing, mobile, nanotechnology, financial service, internet, energy, media, and retail sectors.

Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations in the enterprise, consumer, health, and fintech sectors. The firm currently manages $25 billion in assets under management (AUM) across the Lightspeed platform, with investment professionals and advisors located in the U.S., Europe, India, Israel, and Southeast Asia.

The funding will be used for Foundry's expansion, enhancing its product offerings, and forming additional strategic partnerships.

Founded by Jared Quincy Davis, Foundry is a new breed of public cloud powered by an orchestration platform. The company specializes in providing elastic computing infrastructure for the machine learning sector. Its services include scaling computational resources, precise workload allocation for enhanced performance, and simplified cloud resource provisioning, all with a focus on enterprise-grade security. Foundry's mission is to orchestrate the world’s compute capacity, making it universally accessible and useful.

Funding Details

Company: Foundry Technologies, Inc.

Raised: $80.0M

Round: Seed, Series A

Funding Month: March 2024

Lead Investors: Sequoia Capital, Lightspeed Venture Partners

Additional Investors: Redpoint, Microsoft Ventures (M12), Conviction, NEA

Company Website: https://www.mlfoundry.com/

Software Category: AI/ML Infrastructure Platform