Tel Aviv, Israel-based Run:AI raised $30 million in its Series B investment round. It announced its successful foray into the funding round on Tuesday, January 26, 2021. With the cash injection, the total funding of the startup is now up to $43 million.
The Series B investment round was led by Insight Partners. In addition to Insight Partners, existing investors also took part in the said funding round. These include S Capital and TLV Partners, states Tech Crunch.
As part of the deal, Venture Beat notes that managing director Lonne Jaffe from Insight Partners is slated to join the board of directors at Run:AI.
Founded in 2018 by Ronen Dar and Omri Geller, Run:AI is a virtualization software company that gives companies access to training technologies to boost their respective deep learning abilities. The two co-founded the company under Meir Feder while the two were still studying at Tel Aviv University.
The company unveiled its new platform designed to split an organization’s GPUs for more manageable ones that can distribute artificial intelligence (AI) workloads, notes Venture Beat.
Given this, Tech Crunch states that companies leveraging the technologies of Run:AI can easily pass and share one resource between different departments or groups. At the same time, it also ensures users gain access to how their computer resources are being utilized and how these can be further improved upon.
In a statement to Forbes, Run:AI co-founder Geller said, “The solutions that we defined was a software that knows how to take as an input all the AI workloads that are running in the enterprise from multiple users from multiple teams and multiple sub organizations, analyze those workloads and understand what is the optimal way to run them.”
With its new funding, the startup company plans to boost its growth by adding more employees to its team, with Run:AI saying it aims to triple the size of its development team within 2021.
Apart from this, the Tel Aviv-based firm intends to double down on its sales and marketing as it gears itself towards working with more industries and sectors.
While CRN notes that the platform only works with Nvidia GPUs, the company still looks to develop its system to support other types of GPUs in the future.
As of writing, Venture Beat states that it only has 30 employees under its name. Besides its headquarters in Tel Aviv, Israel, the startup also holds offices in both New York and Boston, states CRN.