AI software startup Modulal seeks Series A funding to challenge Nvidia
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Update time : 2023-08-14 14:56:50
Artificial intelligence startup Modular Inc. is in talks with investors, including General Catalyst, for a massive funding round that would value the company at about $600 million, according to an exclusive report from The Information. The company is looking to raise a lot of money at a time when artificial intelligence has become the hottest trend in technology. Modular's appeal is that its software could provide an alternative for companies building artificial intelligence models without using Nvidia Corp. Its expensive and in-demand graphics processing units (GPUs), which are considered by many to be the only option for training artificial intelligence.
Nvidia's GPU demand is so strong that the company can barely keep up, with the largest cloud infrastructure providers and thousands of businesses eager to ramp up their AI capabilities in the wake of ChatGPT's success. Nvidia is also a force to be reckoned with in artificial intelligence software. Its Cuda software is used to write machine learning applications that can only run on its GPUs. Modular offers businesses another option through its software, making it easier for developers to train and run machine learning models on chips designed by other companies, such as Intel Corp., Advanced Micro Devices Inc. and Google LLC. It also improves the performance of these chips, meaning they can be used to train more powerful artificial intelligence models. According to the startup's website, its software unifies the front-end of popular artificial intelligence frameworks such as PyTorch and TensorFlow by using modular, composable components. This means developers can use custom hardware to train AI systems, and they can be deployed on any server or edge device. In a 2022 interview with TechCrunch, Modular co-founder and CEO Chris Lattner said the startup aims to simplify the AI development lifecycle by automating and standardizing developer workflows, similar to how DevOps simplifies traditional software development. Modular's founding team is said to be one of the main reasons for attracting the attention of venture capitalists. Lattner has an impressive resume and was involved in creating the Swift programming language while at Apple Inc. Meanwhile, another co-founder and chief product officer, Tim Davis, once led the development of the application programming interface, compiler, and runtime infrastructure for Google Cloud, covering servers and edge devices. Modular is now seeking funding because it wants to capitalize on the high demand for Nvidia GPUs and a viable alternative to these chips. Modular previously closed a $30 million seed round in June 2022 led by GV, with participation from Greylock, SV Angel and The Factory.
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