Nvidia-Backed Volta Raises $300M, Secures $5B Financing at $2.4B Valuation

Nvidia and Dell have backed AI cloud startup Volta at a $2.4 billion valuation, Bloomberg reported on Tuesday.

Volta raised $300 million in venture funding, co-led by Andreessen Horowitz and Altimeter Capital, with Nvidia and Michael Dell participating in the round.

The company also secured an additional $5 billion worth of financing to provide cloud computing capacity to a wider mix of technology companies.

Volta's goal is to make it easier for top AI labs and smaller startups to pay for cutting-edge chips, which are currently only affordable by the largest businesses with strong balance sheets.

The startup has landed a $10 billion contract with a leading AI developer, but declined to name the company. The agreement runs for six years.