Simplismart, a Bengaluru-based AI inference infrastructure startup, has raised $14 million in a Series B funding round led by Dallas Venture Capital. The round saw participation from Nvidia, Accel, Micromax and Shastra VC.
The deal values the four-year-old startup at about $100 million, taking into account the new funding.
What Does Simplismart Do?
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Simplismart provides companies a way to use and run AI models through its own platform or using their existing cloud and on-premises infrastructure. It also offers tools to fine-tune models, automatically scale computing resources due to a change in demand, and monitor performance.
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The AI startup also allows cloud providers to build and operate their own artificial intelligence inference services on graphics processing units (GPUs) infrastructure using its software.
Former Oracle engineer Amritanshu Jain and ex-Google engineer Devansh Ghatak founded Simplismart in 2022. The funding round highlights how investors like Nvidia are putting their money in software that helps companies run AI models more efficiently, TechCrunch reported.
The company highlighted in a statement that its annualised revenue run rate has grown 14 times over the past six months. It also pointed out how it helped AI video-generation platform InVideo lower its GPU serving costs by 56% through its software.
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Partnership With Nvidia
Simplismart also stressed how its collaboration with Nvidia is helping facilitate relevant industry connections as the firm expands.
While AI chip supplier Nvidia investing money in a startup that helps companies do their work with fewer GPUs seems ironic, Jain told TechCrunch that the move benefits the chipmaker.
More efficient AI inference could ultimately make Nvidia's hardware more attractive to customers and promote wider adoption of AI applications, he explained.
What The Company Plans Next?
Simplismart said it will utilise the money to strengthen its inference engine and orchestration platform, increase its network of cloud provider partners and support growth in global markets, with North America being a priority.
The startup has closed its Series B funding round.
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