We are excited to announce that we have closed a $13M Series A investment from SineWave Ventures, Battery Ventures, Intel Capital, with follow-on from Initialized Capital. Â This latest round brings our total funding to $19M.
We started Paperspace in the fall of 2014 with a simple mission: to make cloud computing more accessible. Â At that time, the public cloud was useful for hosting websites and services but was not an ideal environment for other types of applications. Â We thought that there were a whole host of new applications that could also benefit from leveraging the massive scale and flexibility of the public cloud. Â We bet on GPU acceleration and simplifying the user experience as our key differentiators. Â
After finishing Y Combinator in 2015, we hacked on a few versions and settled on GPU-powered virtual machines to support a variety of emerging use-cases. Â The one that stuck out the most was a somewhat niche audience at the time, an exploding field within Machine Learning called Deep Learning. Â This was the perfect audience for us for two reasons: We had the largest selection of GPU instances in the public cloud and the other players in the space had made IaaS too complicated for this new type of developer. Â
Over the past couple years and with only a handful of engineers, we've been able to hit some amazing milestones. Â We have over 150,000 active user accounts and fast-growing base of businesses that depend on Paperspace everyday. Â We launched our most significant product to date, we've partnered with some incredible institutions, and we built a community of ML focused developers. Â
The Next Chapter
Our continued focus will be on building the world's best Deep Learning platform. Â We feel strongly that the process of training and deploying models is too costly and complex both for individual developers and for companies operating at scale. Â We will be working towards removing bottlenecks and streamlining the process of investing in this technology.
Thanks to you
We have been humbled by the support of our community. Â Your feedback is what drives our product efforts here at Paperspace. Â We have also had the wonderful opportunity to work directly with developers creating original tutorial content right here on our blog (submit your work here!). Â And finally, we recently launched a community where users and enthusiasts can post tutorials and share relevant content in a public forum. Â
This new capital will allow us to attend more conferences, host more meetups, support more researchers, and engage more with our customers and community.
From the entire Paperspace team:
Thank you!
ps: We're hiring across the board. Â You can view our Careers page here.