Israeli AI infrastructure orchestration and management company Run:ai today announced the completion of a $75 million Series C financing round led by Tiger Global Management and Insight Partners, with the participation of existing investors TLV Partners and SCapital VC. This latest round brings to $118 million the total funding raised to date by the company.
Tel Aviv-based Run:ai reports a nine-fold increase in annual recurring revenue (ARR) over the last year, while the company’s work force has more than tripled. The company will use the new funds to expand its teams worldwide and will also be considering strategic acquisitions as it develops and enhances the company’s Atlas software platform.
Run:ai CEO and cofounder Omri Geller said, "It may sound dramatic, but AI is really the next phase of humanity’s development. 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."
Run:ai’s Atlas software platform streamlines the development, management and scaling of AI applications across any infrastructure (on-premises, edge, cloud). Customers include Fortune 500 companies as well as AI startups in the fields of finance, automotive, healthcare, and gaming, and academic AI research centers.
Run:AI cofounder and CTO Ronen Dar said, "We do for AI hardware what VMware and virtualization did for traditional computing - more efficiency, simpler management, greater user productivity. Traditional CPU computing has a rich software stack with many development tools for running applications at scale. AI, however, runs on dedicated hardware accelerators such as GPUs which have few tools to help with their implementation and scaling. With Run:ai Atlas, we’ve built a cloud-native software layer that abstracts AI hardware away from data scientists and ML engineers, letting Ops and IT simplify the delivery of compute resources for any AI workload and any AI project."
Published by Globes, Israel business news - en.globes.co.il - on March 15, 2022.
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