Modular Aims to Challenge Nvidia with $250M Funding Round

AI startup Modular has secured $250 million in a funding round, achieving a valuation of $1.6 billion, according to Reuters. The company plans to leverage this capital to challenge Nvidia's established software position within the artificial intelligence sector. The funding round was led by the U.S. Innovative Technology fund, with participation from DFJ Growth, GV, General Catalyst, and Greylock. Modular's strategy centers on offering a software platform that enables developers to deploy AI applications across diverse computer chips without requiring code rewriting for each architecture. The company intends to sell its software directly to enterprises and establish revenue-sharing partnerships with cloud providers. This new capital will also facilitate the expansion of Modular's engineering team and its entry into the AI training market.