No firm has capitalized on the AI revolution extra dramatically than Nvidia. Its income, profitability, and money reserves have skyrocketed because the introduction of ChatGPT a bit over two years in the past — and the various aggressive generative AI companies which have launched since. And its inventory value soared greater than eightfold.
Throughout that interval, the world’s main high-performance GPU maker has used its ballooning fortunes to considerably enhance investments in all types of startups however significantly in AI startups.
The chip big ramped up its enterprise capital exercise in 2024, collaborating in 49 funding rounds for AI firms, a pointy enhance from 34 in 2023, in keeping with PitchBook knowledge. It’s a dramatic surge in funding in comparison with the earlier 4 years mixed, throughout which Nvidia funded solely 38 AI offers. Be aware that these investments exclude these made by its formal company VC fund, NVentures, which additionally considerably ramped up its investing within the final two years. (PitchBook says NVentures engaged in 24 offers in 2024, in comparison with simply 2 in 2022.)
Nvidia has said that the aim of its company investing is to develop the AI ecosystem by backing startups it considers to be “sport changers and market makers.”
After all, Nvidia shouldn’t be the one giant tech company writing checks to AI startups. However over the past two years, it was essentially the most lively. In comparison with Nvidia’s 83 offers in two years (2023 and 2024), Alphabet participated in 73, whereas Microsoft has executed 40 rounds, PitchBook knowledge exhibits.
Under is an inventory of startups that raised rounds exceeding $100 million over the previous two years the place Nvidia is a named participant, organized from the best quantity to lowest raised within the spherical.
The billion-dollar-round membership
OpenAI: Nvidia backed the ChatGPT maker for the primary time in October, reportedly writing a $100 million verify towards a colossal $6.6 billion spherical that valued the corporate at $157 billion. The chipmaker’s funding was dwarfed by OpenAI’s different backers, notably Thrive, which in keeping with the New York Occasions invested $1.3 billion.
xAI: Nvidia participated within the $6 billion spherical of Elon Musk’s xAI. The deal revealed that not all of OpenAI’s traders adopted its request to chorus from backing any of its direct rivals. After investing within the ChatGPT maker in October, Nvidia joined xAI’s cap desk a number of months later.
Inflection: One among Nvidia’s first important AI investments additionally had one of the uncommon outcomes. In June 2023, Nvidia was considered one of a number of lead traders in Inflection’s $1.3 billion spherical, an organization based by Mustafa Suleyman, who earlier based DeepMind. Lower than a yr later, Microsoft employed Inflection AI’s founders, paying $620 million for a non-exclusive know-how license, leaving the corporate with a considerably diminished workforce and a much less outlined future.
Wayve: In Might, Nvidia participated in a $1.05 billion spherical for the U.Ok.-based startup, which is creating a self-learning system for autonomous driving. The corporate is testing its autos within the U.Ok. and the San Francisco Bay Space.
Protected Superintelligence: In September, Nvidia was a backer within the new startup based by former OpenAI chief scientist Ilya Sutskever. The $1 billion spherical reportedly valued the brand new 10-person AI lab at $5 billion.
Scale AI: In Might 2024, Nvidia joined Accel and different tech giants Amazon and Meta to take a position $1 billion in Scale AI, which gives data-labeling companies to firms for coaching AI fashions. The spherical valued the San Francisco-based firm at practically $14 billion.
The various-hundreds-of-millions-of-dollars membership
Crusoe: A startup constructing knowledge facilities reportedly to be leased to Oracle, Microsoft, and OpenAI raised $686 million in late November, in keeping with an SEC submitting. The funding was led by Founders Fund, and the lengthy checklist of different traders included Nvidia.
Determine AI: In February, AI robotics startup Determine raised a $675 million Sequence B from Nvidia, OpenAI Startup Fund, Microsoft, and others. The spherical valued the corporate at $2.6 billion.
Mistral AI: Nvidia invested in Mistral for the second time when the French-based giant language mannequin developer raised a $640 million Sequence B at a $6 billion valuation in June.
Cohere: In June, Nvidia invested in Cohere’s $500 million spherical, a big language mannequin supplier serving enterprises. The chipmaker first backed the Toronto-based startup a yr prior.
Perplexity: Nvidia first invested in Perplexity in November of 2023 and has participated in each subsequent spherical of the AI search engine startup, together with the $500 million spherical in December, which values the corporate at $9 billion, in keeping with PitchBook knowledge.
Poolside: In October, the AI coding assistant startup Poolside introduced it raised $500 million led by Bain Capital Ventures. Nvidia participated within the spherical, which valued the AI startup at $3 billion.
CoreWeave: Nvidia invested within the AI cloud computing supplier in April 2023, when CoreWeave raised $221 million in funding. Since then, CoreWeave’s valuation has jumped from about $2 billion to $19 billion, and the corporate reportedly has its sights on a $35 billion IPO this yr. CoreWeave permits its prospects to lease Nvidia GPUs on an hourly foundation.
Sakana AI: In September, Nvidia invested in the Japan-based startup, which trains low-cost generative AI fashions utilizing small datasets. The startup raised a large Sequence A spherical of about $214 million at a valuation of $1.5 billion.
Imbue: The AI analysis lab that claims to be creating AI methods that may motive and code raised a $200 million spherical in September 2023 from traders, together with Nvidia, Astera Institute, and former Cruise CEO Kyle Vogt.
Waabi: In June, the autonomous trucking startup raised a $200 million Sequence B spherical co-led by present traders Uber and Khosla Ventures. Different traders included Nvidia, Volvo Group Enterprise Capital, and Porsche Automobil Holding SE.
Offers of over a $100 million
Ayar Labs: In December, Nvidia invested within the $155 million spherical of Ayar Labs, a firm creating optical interconnects to enhance AI compute and energy effectivity. This was the third time Nvidia backed the startup.
Kore.ai: The startup creating enterprise-focused AI chatbots raised $150 million in December of 2023. Along with Nvidia, traders collaborating within the funding included FTV Capital, Vistara Progress, and Sweetwater Non-public Fairness.
Weka: In Might, Nvidia invested in a $140 million spherical for AI-native knowledge administration platform Weka. The spherical valued the Silicon Valley firm at $1.6 billion.
Runway: In June of 2023, Runway, a startup constructing generative AI instruments for multimedia content material creators, raised a $141 million Sequence C extension from traders, together with Nvidia, Google, and Salesforce.
Vibrant Machines: In June 2024, Nvidia participated in a $126 million Sequence C of Vibrant Machines, a sensible robotics and AI-driven software program startup.
Huge Knowledge: The startup that gives storage options for AI and knowledge analytics raised a $118 million Sequence E at a $9.3 billion valuation in December of 2023. That was the third time Nvidia invested in Huge Knowledge.
Enfabrica: In September 2023, Nvidia invested in networking chips designer Enfabrica’s $125 million Sequence B. Though the startup raised one other $115 million in November, Nvidia didn’t take part within the spherical.
