Fireworks AI, a Redwood City, CA-based company that offers a generative AI platform as a service, raised $52 million in Series B funding, bringing its valuation to $552 million.
Investors
The round was led by Sequoia Capital, with participation from NVIDIA, AMD, and MongoDB Ventures and previous investors include Benchmark, Databricks Ventures, former Snowflake CEO Frank Slootman, former Meta COO Sheryl Sandberg, Airtable CEO Howie Liu, Scale AI CEO Alexandr Wang, and executives from LinkedIn, Confluent, Meta, and OnePassword, bringing Fireworks AI's total capital raised to $77 million.
Sequoia Capital, headquartered in Menlo Park, California, is a venture capital firm specializing in seed-stage, early-stage, and growth-stage investments across technology sectors, helping founders build legendary companies from inception to IPO and beyond.
Fireworks AI Use of Funds
The company plans to use the funding to accelerate the development of compound AI systems, expand its team, and enhance the platform to drive greater AI adoption in production environments.
About Fireworks AI
Fireworks AI focuses on developing high-performance inference stacks and compound AI systems. The company provides a platform that supports a wide range of AI models optimized for speed, efficiency, and customization. Fireworks AI aims to empower developers by enabling them to deploy AI applications quickly and effectively, bridging the gap between prototype and production stages. Their platform supports over 100 state-of-the-art models across formats like text, image, audio, and embeddings, optimized for latency, throughput, and cost efficiency. Fireworks AI collaborates with MongoDB, Meta, NVIDIA, AMD, and other industry leaders.
Funding Details
Company: Fireworks.ai, Inc.
Raised: $52.0M
Round: Series B
Funding Month: July 2024
Lead Investors: Sequoia Capital
Additional Investors: NVIDIA, AMD, MongoDB Ventures, Benchmark, Databricks Ventures, Frank Slootman, Sheryl Sandberg, Howie Liu, Alexandr Wang
Company Website: https://fireworks.ai/
Software Category: Inference Stacks and Compound AI Systems
Source: https://fireworks.ai/blog/fireworks-ai-series-b-compound-ai