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Together AI valued at $1.25 bln in Salesforce-led financing round

The Salesforce Tower New York skyscraper is visible in Manhattan in New York City, U.S., April 14, 2023.

March 13 (mod1s) - Nvidia-backed Together AI said on Wednesday it had secured $106 million in a fresh investment round, increasing its value since last autumn as investors raced to support businesses betting on the generative AI boom. 

Led by Salesforce Ventures (CRM.N), opens new tab, the financing valued Together AI at $1.25 billion. Other investors in the round included Coatue Management and previous investors such as Lux Capital and Emergence Capital.

Founded in 2022, Together AI soon gained popularity as it gives access to Nvidia's sought-after graphics processing units (GPUs). Now it's seeking to grow to a platform that lets developers to create or tweak their open source AI models. 

Customers "come for the GPUs, but stay for the workflow services and research," said Rob Keith, managing director at Salesforce Ventures who oversaw the investment.

The fresh money will be used to lease extra processing capacity from cloud providers and for recruiting researchers to design new model architecture, according to Vipul Ved Prakash, CEO at Together AI, who noted the business currently has 45,000 registered customers from AI startups and global organizations. 

"We are really becoming one of the default places if you want to use open models or customized models, and deploy them for large scale applications," said Prakash.

Together AI in November raised $102.5 million in a round A fundraising lead by Kleiner Perkins at around $500 million, with participation from Nvidia (NVDA.O), opens new tab. 

Investments in AI companies have risen after the debut of OpenAI's ChatGPT, as investors gamble on enterprises that might gain from the adoption of the technology and potentially challenge industry giants.


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