Venture Capital News: Paperspace Nabs $13M Series A
NEW YORK, NY, Paperspace, a cloud AI company, today announced it has closed a $13 million Series A financing round.
The round was led by new investors Battery Ventures, SineWave Ventures, Intel Capital and Sorenson Ventures as well as existing investor Initialized Capital. This new round brings Paperspace's total funding to $19 million.
"Artificial intelligence -- especially deep-learning platforms -- are poised to transform virtually every industry, but infrastructure bottlenecks are threatening the pace of adoption by developers and data analysts alike," said Dharmesh Thakker, a general partner with Battery Ventures. "Major silicon, systems and Web-scale computing providers need a cloud-based solution and software 'glue' to make deep learning truly consumable by data-driven organizations, and Paperspace is helping to provide that. We are excited to partner with the Paperspace team and help them bring deep learning to the masses."
The new capital will be used to accelerate product innovation of Paperspace's AI cloud computing and development solutions. The round comes on the heels of the company's launch of Gradient, a suite of tools that takes a continuous integration/continuous deployment (CI/CD) approach to building, training and deploying machine learning models.
"As more industries and companies realize the benefits of AI, there's a growing need to make AI attainable for businesses of all sizes," said Naveen Rao, Corporate Vice President and General Manager of Artificial Intelligence Products Group, Intel Corporation. "Paperspace's deep learning platform and cloud solutions can help harness the power of AI and its practical application for individuals, startups and large multinationals."
"AI is the key to the next generation of scientific breakthroughs and has the potential to impact businesses as the industrial revolution did for manufacturing, yet AI today is too complex, too exclusive and too costly to reach the mainstream," said Dillon Erb, CEO of Paperspace. "Only large companies have the sufficient resources - infrastructure, tooling and talent - to efficiently develop and deploy models into production. The key to unlocking AI is to give every developer access to these same resources. That's our core mission with Gradient - to provide a powerful, yet intuitive machine learning platform that any developer can leverage, whether you're an individual AI practitioner or a large enterprise."
"We have seen tremendous momentum this year with the launch of Gradient followed by 5x customer growth," said Daniel Kobran, COO and co-founder of Paperspace. "And this is just the beginning. This latest round of investment will help fuel our go-to-market and production development plans so we can bring cloud AI to customers worldwide."
Paperspace will be rolling out several new products in the coming months, which have already caught buzz among the developer and investor community.
"We can sense the excitement in the developer community about Paperspace," Thakker adds. "The company is defining a new category for AI practitioners. We couldn't be more thrilled to join Paperspace on its journey to transforming every company into an AI company."
Paperspace is a high-performance cloud computing and ML development platform for building, training and deploying machine learning models. Tens of thousands of individuals, startups and enterprises use Paperspace to iterate faster and collaborate on intelligent, real-time prediction engines.
Paperspace is backed by leading investors including Battery Ventures, Intel Capital, SineWave Ventures, Y Combinator and Initialized Capital.
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