Fireworks AI, a Redwood City, CA-based production AI platform helping developers build new AI solutions, has secured $25 million in Series A funding.
Investors
Benchmark led the funding round, with participation from Sequoia Capital, Databricks Ventures, former Snowflake CEO Frank Slootman, Scale AI CEO Alexandr Wang, as well as executives from LinkedIn, Confluent, Meta, and OnePassword.
Benchmark is a venture capital firm founded in 1995, focusing on early-stage venture investing in mobile, marketplaces, social, infrastructure, and enterprise software. Based in San Francisco and Woodside, Benchmark invests in and works alongside entrepreneurs building startups into transformational companies.
Eric Vishria, a general partner at Benchmark, will join Fireworks AI's board.
Fireworks AI Use of Funds
The company intends to use the funds to expand operations, the business reach, and its development efforts.
About Fireworks
Founded in 2022 by Lin Qiao, Dmytro Dzhulgakov, and Chenyu Zhao, Fireworks AI offers the GenAI Platform, a solution aimed at aiding developers in building new AI solutions. The platform facilitates the running, fine-tuning, and sharing of large language models (LLMs) to effectively address product-related challenges. Instead of companies individually developing their own generative AI solutions, Fireworks AI provides machine performance optimized for latency and throughput settings while minimizing costs. Currently, Fireworks AI boasts a user base of over 12,000 developers, serving more than 25 billion tokens daily. Among Fireworks AI's clientele are companies such as Tome, Poe, and Sourcegraph, demonstrating the platform's value proposition and adoption within various industries.
Funding Details
Company: Fireworks.ai, Inc.
Raised: $25.0M
Round: Series A
Funding Month: March 2024
Lead Investors: Benchmark
Additional Investors: Sequoia Capital, Databricks Ventures, Frank Slootman, Alexandr Wang
Company Website: https://fireworks.ai/
Software Category: Production AI
Source: https://www.finsmes.com/2024/03/fireworks-ai-raises-25m-in-series-a-funding.html