Lambda Raises $ 24.5 Million to Build Cloud GPU and Deep Learning Hardware | Business

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SAN FRANCISCO – (BUSINESS WIRE) – July 21, 2021–

Lambda, a leading provider of deep learning GPUs and hardware cloud services, today announced that it has raised $ 24.5 million in funding. The main investors are 1517, Gradient Ventures, Bloomberg Beta, Razer and Georges Harik. This funding round consists of a $ 15 million Series A funding round and a $ 9.5 million credit facility provided by Silicon Valley Bank.

The company will use the capital to expand its cloud and software engineering teams, pay for fixed assets related to its cloud business, and as working capital for its deep learning materials business.

“Fortune 500 companies, startups and universities are forced to assemble huge teams to administer the computational resources needed to form deep learning models,” said Stephen Balaban, co-founder and CEO of Lambda. “We want to build a world where a single researcher can handle GPU compute petaflops. A world where training a model on a computer at the scale of a data center is as easy as training a model on your laptop. “

“We’re building the easiest-to-use and cost-effective cloud GPU for deep learning,” said Remy Guercio, Cloud Manager at Lambda. “It’s no coincidence that Lambda GPU Cloud already ranks number three on a Google search for ‘GPU cloud’, behind NVIDIA and Google itself.”

Series A saw the participation of 1517, Gradient Ventures, Bloomberg Beta, Razer and Georges Harik. The credit facility is provided by Silicon Valley Bank. With the exception of Razer, all of the major backers were existing Lambda investors. Lambda’s board of directors includes Robert Youngjohns and Zach Bratun-Glennon, partner at Gradient Ventures. Robert was previously executive vice president and general manager of HP Software at HPE and, prior to that, president of Microsoft North America. He has also held leadership positions at Callidus Cloud, Sun Microsystems and IBM.

Razer, the multinational gaming hardware designer, participated in the round as a strategic investor. “At first glance, it seems like a strange pairing. What does the world famous gaming hardware company have to do with deep learning infrastructure? It comes down to a shared strategic vision, ”said Balaban. “Razer’s motto, ‘For Gamers. By Gamers’, aligns perfectly with Lambda’s hyperfocus on creating deep learning systems for ML engineers, by ML engineers.”

Lambda’s current investors and advisers include 1517 Fund, Gradient Ventures, Bloomberg Beta, Razer, Scott McNealy, Austin Russell, Georges Harik, James Hong, James Cham, Jun Hong Heng, Nicolas Pinto, Gary Bradski, Ken Patchett, Randy Ching, Keller Rinaudo and others.

About Lambda

Founded and led by AI and ML engineers, Lambda provides a deep learning IT infrastructure including GPU cloud services, servers, GPU clusters, GPU workstations and GPU laptops to customers such as Apple. , Intel, Microsoft, Amazon Research, Tencent, Kaiser Permanente, MIT, Stanford, Harvard, Caltech and the Department of Defense. For more information, visit www.lambdalabs.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210721005232/en/

CONTACT: Rick Allen

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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: DATA MANAGEMENT TECHNOLOGY SOFTWARE NETWORKS INTERNET HARDWARE

SOURCE: Lambda

Copyright Business Wire 2021.

PUB: 07/21/2021 9:00 a.m. / DISC: 07/21/2021 9:01 a.m.

http://www.businesswire.com/news/home/20210721005232/en

Copyright Business Wire 2021.

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