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. 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. At that time, the public cloud was useful for hosting websites and services but was not an ideal environment for other types of applications. 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. We bet on GPU acceleration and simplifying the user experience as our key differentiators.
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. The one that stuck out the most was a somewhat niche audience at the time, an exploding field within Machine Learning called Deep Learning. 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.
Over the past couple years and with only a handful of engineers, we've been able to hit some amazing milestones. We have over 150,000 active user accounts and fast-growing base of businesses that depend on Paperspace everyday. We launched our most significant product to date, we've partnered with some incredible institutions, and we built a community of ML focused developers.
The Next Chapter
Our continued focus will be on building the world's best Deep Learning platform. 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. 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. Your feedback is what drives our product efforts here at Paperspace. 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!). And finally, we recently launched a community where users and enthusiasts can post tutorials and share relevant content in a public forum.
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:
ps: We're hiring across the board. You can view our Careers page here.