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Paperspace raises $13M for its AI cloud computing platform
Cloud computing startup Paperspace Inc. today said it has raised $13 million in new funding to advance its artificial intelligence cloud computing and development solutions.
The Series A funding, its first since October 2016, came from Battery Ventures, SineWave Ventures, Intel Capital, Sorenson Ventures and Initialized Capital. Founded in 2014, Paperspace aims to disrupt the virtual desktop market with Gradient, a cloud-based development platform designed for building, training and deploying machine learning models.
Gradient is a data-as-a-service DaaS/virtual desktop infrastructure platform, accelerated by graphics processing unit chips. It allows users to run media-rich applications and 3-D graphics, claiming to deliver near-native performance directly in a web browser.
“Gradient makes high-performance cloud computing less expensive, more powerful and easier to use than competitors by making it readily available on the cloud, and for everyday users,” Daniel Kobran, co-founder of Paperspace, said in an interview with SiliconANGLE in March. “Gradient focuses on simplifying the tools and streamlining design and user experience, empowering anyone to better leverage the incredible gains of artificial intelligence and machine learning.”
Tens of thousands of individuals, startups and enterprises are now claimed to be using Paperspace to iterate faster and collaborate on intelligent, real-time prediction engines. Paperspace said it will be rolling out several new products in the coming months “defining a new category for AI practitioners.”
“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,” Dharmesh Thakker, general partner with Battery Ventures, said in a statement. “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.”
Including the new funding, Paperspace has raised $19 million to date.
Image: Paperspace
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