AI cloud company Paperspace have raised a USD 13 million Series A financing round led by Battery Ventures, SineWave Ventures, Intel Capital and Sorenson Ventures. With this investment, Paperspace aims to leverage their machine learning tool suite called Gradient in order to fulfil AI cloud requirements of small enterprises.
Paperspace claim that AI cloud is key to serving enterprises that are building sophisticated applications that impact business. They say that in most cases, only large enterprises can afford to deploy such technology at scale since they have a huge supportive infrastructure.
By raising USD 13 million, Paperspace claim that they will push Gradient, a machine learning tool that harnesses the power of AI and its practical applications for small-medium as well as large enterprises. They believe that with this investment, Paperspace can help developers build the applications they want to and build go-to-market strategies.
Dillon Erb, CEO of Paperspace, commented:
Only large companies have the sufficient resources — infrastructure, tooling and talent — to efficiently develop and deploy models into production. The key to unlocking AI is to give every developer access to these same resources.
That’s our core mission with Gradient — to provide a powerful, yet intuitive machine learning platform that any developer can leverage, whether you’re an individual AI practitioner or a large enterprise.
Co-investor Intel Capital believe that the growing need of AI cloud has made AI attainable for enterprises of all sorts. They claim that they are witnessing a new category for practitioners of AI and are investing in this project to help Paperspace build, train and deploy new machine learning models.
Daniel Kobran, COO and co-founder of Paperspace, commented:
We have seen tremendous momentum this year with the launch of Gradient followed by 5x customer growth. And this is just the beginning. This latest round of investment will help fuel our go-to-market and production development plans so we can bring cloud AI to customers worldwide.
Paperspace have revealed that they will be introducing new products and tools very soon. It will be interesting to see how the AI cloud market grows after investments such as this, as well as the cloud companies like StackRox receiving funds from In-Q-Tel last month.