NVIDIA-Backed Fireworks Raises $1.51B

According to Fireworks, an artificial intelligence infrastructure startup backed by NVIDIA, the company has completed a $1.51 billion funding round, bringing its valuation to $17.5 billion. The new capital will be used to expand its engineering team and enhance global computing capabilities to support growing demand for AI model deployment.

The Series D financing round was led by investment firms including Atreides Management, Index Ventures, and TCV. Existing investors such as NVIDIA and Lightspeed Venture Partners also participated, along with additional backers including Bessemer Venture Partners, Insight Partners, Menlo Ventures, Ontario Teachers’ Pension Plan, and Lone Pine Capital.

Founded in 2022 by former Meta engineers, Fireworks said its annualized revenue has surpassed $1 billion, representing a fivefold increase compared with the previous year. The company also revealed that the number of daily text units processed through its platform has grown from 15 trillion to more than 40 trillion, reflecting accelerating adoption of AI applications.

Fireworks provides AI inference and model-serving infrastructure designed to help enterprises build, customize, and deploy artificial intelligence models tailored to their specific business requirements. The company aims to address rising demand for more cost-efficient and scalable AI solutions as organizations increasingly integrate generative AI into their operations.

Fireworks competes with other AI infrastructure startups, including Together AI and Baseten. In October last year, the company raised $250 million at a valuation of $4 billion.

The company also stated that it plans to strengthen partnerships with cloud technology providers, including Microsoft and NVIDIA, to further expand its AI infrastructure ecosystem and global service capabilities.