Startup Secures $80M to Streamline Access to AI Cloud Solutions

Former scientists from Google DeepMind have introduced Foundry, an innovative cloud platform designed to make high-performance compute resources more accessible for artificial intelligence (AI) training. The initiative has successfully raised $80 million in seed and Series A funding, spearheaded by prominent investors Sequoia Capital and Lightspeed Venture Partners.

Based in Palo Alto, California, Foundry is equipped with cutting-edge hardware, including Nvidia's H100 and A100 graphics processing units (GPUs), which users can leverage to train and execute AI models. One of the platform's standout features is its ability to allow users to scale their hardware requirements dynamically, aiming to simplify AI compute access “as reliable and straightforward as flipping a light switch.”

Currently, access to top-tier AI hardware is largely controlled by major cloud service providers such as AWS, Microsoft Azure, and Google Cloud. Foundry is positioning itself as a disruptive force in this competitive landscape. Jared Quincy Davis, founder and CEO of Foundry, emphasizes the critical importance of AI accelerator compute, stating, “This resource is arguably one of the most vital components in today’s civilization, and any bottlenecks here can have widespread implications.”

Davis highlights that while the well-documented GPU shortage poses challenges, the industry grapples more significantly with under-utilization rather than a lack of supply. "The work we are doing at Foundry is tackling this multifaceted issue," he remarks.

The founding team includes experts from various esteemed institutions. Davis previously contributed to DeepMind’s deep learning efforts, while several team members were involved in Stanford's computer science Ph.D. program under the tutelage of Matei Zaharia, co-founder of Databricks. Notably, the venture has also garnered support from Zaharia, M12 (Microsoft's Venture Fund), and prominent angels such as Jeff Dean, head of Google AI, and former Google CEO Eric Schmidt.

With a mission to democratize access to advanced AI resources, Foundry aims to provide individuals and organizations with the tools they need to innovate and develop cutting-edge AI solutions, ultimately driving progress across diverse industries.