Nvidia-Backed Volta Raises $300M at $2.4B Valuation

Volta, a seven-month-old company founded by former Brookfield Asset Management executives Ricard Boada and Sofia Gumuzio, has raised $300 million in venture funding at a valuation of $2.4 billion.

The investment was co-led by Andreessen Horowitz and Altimeter Capital, with Nvidia and Dell Technologies founder Michael Dell also participating.

Alongside the equity raise, Volta secured $5 billion in financing to help AI companies buy Nvidia's costly GPU infrastructure, and signed a $10 billion, six-year cloud computing contract with an unnamed AI developer.

The company aims to tackle the soaring upfront cost of building AI infrastructure, which can be prohibitively expensive for most businesses.