Israeli startup Run:ai which simplifies the orchestration and maintenance of artificial intelligence infrastructure, has raised $75 million in a Series C round.
The round was headed by Tiger Global Management and Insight Partners, who also led the previous Series B investment. Also, participant existing investors TLV Partners and SCapital Venture Capital, increasing the total capital garnered to date to $118 million.
Founded in 2018 by CEO Omri Geller and CTO Ronen Dar, Run:ai has developed rapidly in the last year, more than tripling its annual recurring revenue and more than tripling its personnel.
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The funding will be used to expand the company’s worldwide team and will also be used to examine strategic acquisitions as the company grows and expands its Atlas software platform.
Run:ai’s Atlas platform serves as a ‘Foundation for AI Clouds,’ whether on-premises, across public clouds, or at the edge, enabling organizations to centralize their AI resources on a single, unified platform that supports AI development at all stages, from model building and training to production inference. Customers include Fortune 500 corporations as well as cutting-edge artificial intelligence startups from a variety of verticals, including banking, automotive, healthcare, and gaming, as well as top academic artificial intelligence research labs.
IDC forecasts that global AI spending would reach $433 billion in 2022, a nearly 20% yearly rise. However, managing and scaling AI infrastructure is challenging. Businesses anticipate low hardware usage, scheduling conflicts, and a slowed rate of innovation – if they can even develop a viable AI infrastructure.
“It may sound dramatic, but AI is really the next phase of humanity’s development,” Omri Geller, CEO and co-founder of Run:ai, stated. “When we founded Run:ai, our vision was to build the de-facto foundational layer for running any AI workload. Our growth has been phenomenal, and this investment is a vote of confidence in our path. Run:ai is enabling organizations to orchestrate all stages of their AI work at scale, so companies can begin their AI journey and innovate faster.”
“We do for AI hardware what VMware and virtualization accomplished for traditional computing: increased efficiency, simplified management, and increased user productivity. Traditional CPU computing relies on a robust software stack that includes numerous development tools for scaling applications. However, AI is implemented and scaled using dedicated hardware accelerators such as GPUs, which have few implementation and scaling tools. We’ve created a cloud-native software layer called Run:ai Atlas that abstracts AI hardware away from data scientists and machine learning experts, allowing operations and IT to simplify the supply of computing resources for any AI workload or project.” Ronen Dar, Run:chief ai’s technology officer and co-founder, stated.
“As organizations across all industries transform into learning systems powered by AI and human skill, there has been a global boom in demand for AI hardware chipsets such as GPUs,” said Lonne Jaffe, Managing Director of Insight Partners. “As recently highlighted in the Forrester Wave AI Infrastructure research, Run:ai adds remarkable value by introducing powerful virtualization and orchestration capabilities to AI chipsets, enabling significantly quicker and more cost-effective training and inference systems.
“Run:ai has nearly quadrupled its customer base since 2020 as a result of increasing demand, and we couldn’t be more delighted to deepen our engagement with Omri and the great Run:AI team as they leverage their momentum and Scale Up.”