Upscale AI valued at $2 billion after funding extension

June 22 (Reuters) - AI ‌networking ​infrastructure ​firm Upscale AI said on Monday it had raised a $190 million ‌extension to its early-stage funding round, bringing ⁠its valuation to $2 billion.

Here are some details:

• ‌The investment brings the ‌company's total funding to $500 million. Premji Invest, the investment unit of Indian billionaire ​Azim Premji, led the round.

• New investors, including Nvidia, Salesforce Ventures, Seligman ⁠Ventures and Singapore state investor Temasek, joined the round.

• ​Existing investors, including Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group and Tiger ​Global also participated in ‌the funding round.

• Upscale AI builds hardware, systems and software that ⁠connect AI chips, memory and storage across one fast network, helping large AI models ⁠train and run more efficiently with fewer delays.

• ​The company said it will use the capital to expand its business and speed delivery of ‌its advanced AI-native networking technology.

• Upscale AI had raised $200 million in ‌January, in a Series A round ⁠led by Tiger ‌Global, Premji Invest, ​and Xora Innovation.

(Reporting by Anhata Rooprai in Bengaluru; Editing by Tasim ‌Zahid)

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