Lightning AI (previously known as Grid.ai), a New York-based unveiled the groundbreaking Lightning AI platform, backed by a $40 million Series B funding round, that completely reimagines how Artificial Intelligence (AI) products, services, and experiences are built.
The round was led by Coatue, with participation from Index, Bain, First Minute Capital, and the Chainsmokers’ Mantis VC, bringing the total raised to date to $58.6 million.
The capital will fuel further technology innovation, fund new AI research, and be invested back in the company’s growing user community and ecosystem. Lightning AI’s mission is to lower the barriers to AI adoption as the global AI market is skyrocketing and on track to exceed $500 billion by 2024.
Coatue General Partner Caryn Marooney has joined the board of directors, which also includes Index Ventures Partner Bryan Offutt.
Company: Lightning AI Inc.
Raised: $40.0M
Round: Series B
Funding Month: June 2022
Lead Investors: Coatue
Additional Investors: Index, Bain, First Minute Capital, and the Chainsmokers’ Mantis VC
Company Website: https://lightning.ai/
Software Category: Lightning Apps
About the Company: Lightning AI is the company reimagining the way AI is built and combines a wide variety of extant tools into a modular, intuitive platform for building AI applications in research, enterprise, and personal contexts. It is the foundation of the growing Lightning ecosystem, which provides developers with a suite of ready-to-use tools and required infrastructure and compute resources, as well as community support for building AI applications. Focusing on simplicity, sustainability, modularity, and extensibility, Lightning AI streamlines the lifecycle of machine learning development to expand widespread AI adoption. It aims to enable individual and enterprise users to build deployment-ready AI tools without having to hire experts or sink resources into in-house infrastructure.
Source: https://www.globenewswire.com/news-release/2022/06/16/2464036/0/en/PyTorch-Lightning-Creator-Lightning-AI-Launches-Open-Source-Platform-and-Raises-40-Million-Series-B-to-Reinvent-the-Way-AI-is-Built.html