Lambda raises USD 320 million in Series C round
Lambda, one of the leading providers of cloud computing hardware and services for training, fine-tuning, and inferencing artificial intelligence models, has raised USD 320 million in a Series C funding round at a USD 1.5 billion valuation, attaining unicorn status.
This round was led by Thomas Tull’s US Innovative Technology Fund and saw participation from a slate of investors, including B Capital, SK Telecom, funds and accounts advised by T Rowe Price Associates, as well as existing backers such as Crescent Cove, Mercato Partners, 1517 Fund, Bloomberg Beta, Gradient Ventures, and more.
Founded in 2012 and based in San Jose, California, Lambda is known for providing AI developers with infrastructure at scale and has claimed to have processed over 100,000 customer signups on Lambda Cloud.
“AI is fundamentally restructuring science, commerce, and industry. Over the next ten years, every human endeavor will be augmented by the integration of large language models (LLMs) and generative AI. … This AI rollout is going to require a lot of GPUs. This latest financing supports our mission to make GPU compute as ubiquitous as electricity,” said Stephen Balaban, co-founder, and CEO of Lambda.
The company currently serves over 5,000 customers across a myriad of verticals, counting Microsoft, Amazon, and the US government among its list of clients.
Blue Planet completes acquisition of Mahindra Group’s MWTESL
Blue Planet Environmental Solutions, a Singapore-based sustainable waste management company, has completed its acquisition of Mahindra Waste to Energy Solutions Limited (MWTESL), a subsidiary of Mahindra Group.
MWTESL specializes in converting municipal wet waste into bio-CNG (a form of biogas), complementing Blue Planet’s expertise in carbon capture and utilization technology. This acquisition offers an opportunity to integrate their IP and capabilities to develop comprehensive and economically viable waste-to-energy solutions, thereby supporting sustainability and circular economy initiatives.
Notably, this acquisition follows the completion of a funding round by Blue Planet in December 2023, when it bagged USD 35 million from The Investment Fund for Developing Countries (IFU) to enhance its capabilities in India.
InCred Alternative Investments launches its first private equity fund
InCred Alternatives Investments, part of InCred Group’s diversified financial services enterprise, has launched InCred Growth Partners Fund-I (IGPF-I), its maiden Category 2 alternative investment fund. This is InCred’s third alternative investment strategy, having previously launched a structured credit fund and a liquid quant fund.
IGPF-I is aiming to amass up to INR 5 billion in assets under management (AUM), with plans to invest in companies operating in the consumer, financial services, technology and enterprise services sectors. The fund will be led by investment management veteran Vivek Singla and will focus on investing in companies at Series B and C stages.
Latest venture capital deals in India:
- Metalbook, a Bangalore-based metal manufacturing and procurement company, has raised USD 15 million in a Series A funding round led by Rigel Capital, with participation from FJ Labs, as well as existing investors Axilor Ventures, Foundamental, Stride Ventures, and Trifecta Capital, among others. The company will utilize the funds to enhance its technology stack, target new verticals, and expand its network of processing centers.
- Ayekart, an agrifood-focused fintech company, has raised USD 6.5 million in a Series A funding round jointly led by Omnivore, Siana Capital, and Unleash Capital Partners. With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of farmer producer organizations (FPOs), food manufacturers, distributors, and retailers.
- Veera, the developer of a mobile-focused internet browser with an engagement-based reward system, has raised USD 6 million in a seed funding round led by Ayon Capital. The round saw participation from 6th Man Ventures, Folius Ventures, The Operating Group, iSeed Ventures, Accomplice, and Cypher Capital. Several angel investors also participated in this round, including Aalap Mahadevia (Briarwood Capital), Kabir Narang (B Capital), Nikhil Mohta (ICICI Ventures), and Kevin Hu (Brevan Howard), among others. Veera will focus on expanding its engineering team to accelerate product development, improving its infrastructure, and investing in marketing initiatives.
- IDC Kitchen, a Bengaluru-based fast food chain, has raised INR 15 million (USD 180,680) from revenue-based financier Velocity. The funding will be utilized for marketing initiatives and other inventory-related expenses.
- Renaura Wellness, the operator of Bengaluru-headquartered haircare brand Iluvia, has raised an undisclosed amount in a Series A funding round from Fireside Ventures and Multiply Ventures. The company will use the funding for marketing, talent acquisition, and its R&D initiatives.
- Freo, a digital banking platform operated by Mwyn Tech, has secured an undisclosed sum of debt funding from the Small Industries Development Bank of India (SIDBI). The proceeds will be used as growth capital to expand the footprint of Freo across India.
Mober, Green COP, Wish, and more led yesterday’s headlines:
- Mober, a sustainability-focused logistics company in the Philippines, secured USD 2 million in a seed funding round led by RT Heptagon Holdings (RTHH).
- Green COP, a deeptech startup in Singapore that has come up with a proprietary method of biofuel production, completed its angel investment round, securing support from various angel investors, including Ken Energy and Teo Teng Seng.
- Wish, a US-based online marketplace, is set to be acquired by Singapore-based e-commerce firm Qoo10 for USD 173 million, according to a statement released by ContextLogic, its parent company.
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