Lightning AI nabs $40 Million in Series B round to enhance AI products

Lightning AI (previously known as Grid.ai), has recently introduced a new AI platform, supported by a $40 million Series B funding round, to improve how AI (Artificial Intelligence) services, products, and experiences are built.

With this new AI platform and Lightning framework, the firm is launching a frictionless way to build AI-powered products and services like apps composed of modular components integrated effortlessly and connected.

As the "operating system for AI", the platform of Lightning AI leads in a new epoch of accessibility and sophistication in the domains of AI technology.

The underlying framework and platform launch a new way for building AI by offering an incorporated experience that hastens AI technology deployment across enterprise and academic use cases.

It is vital to note that this new series B funding round of $40 million, headed by Coatue with participation from Index, First Minute Capital, Bain, and the Chainsmokers' Mantis VC, brings the total raised funding to $58.6 million.

Caryn Marooney, Coatue General Partner, has recently joined the board of directors, including Bryan Offutt, Index Ventures Partner.

The capital will be utilized for funding new AI research and technological innovation and be invested again in the firm's growing ecosystem and user community.

Lightning AI's mission is to reduce the challenges faced during adopting AI as the global AI market is rising precipitously and is on the path to surpassing $500 billion by 2024.

With a fragmented ML ecosystem, Lightning AI's Suite of extendable open-source components and apps eases the underserved space and helps advance AI technology's broad adoption.

Global Segment Leader of Machine Learning at Amazon Web Services, Dr. Kristof Schum, said that the firm is extremely pleased with the development led by Lightning AI, empowering AI-driven applications related to specific verticals coming to life in a better way.

This collaboration will further offer ease of use to customers and fit well with AWS's industry, use-case, and business problem-driven approach.

Source Credit - 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