AI infrastructure startup Fireworks closes $1.5B round at $17.5B valuation
Fireworks AI Inc., a startup that helps developers train and run artificial intelligence models, has raised $1.5 billion in funding.
Atreides Management, Index Ventures and TCV jointly led the Series D round. Fireworks stated in its funding announcement Wednesday that they were joined by more than a half-dozen other backers, including Nvidia Corp. The company is now worth $17.5 billion.
The steep valuation is partly a reflection of Fireworks’ rapid sales growth, which recently propelled its annualized revenue past the $1 billion mark. The company’s customer base includes Samsung Electronics Co., GitLab Inc. and other major tech firms. Fireworks says that it processes more than 40 trillion tokens per day for its users.
Fireworks operates a cloud platform that developers can use to fine-tune, or customize, open-source AI models. It provides access to managed graphics card clusters under a usage-based pricing model. There’s also an AI agent that automates the AI training workflow. Developers can describe the task for which they wish to fine-tune a model, upload a training dataset and have the agent sort out the technical details.
