The rapid evolution of artificial intelligence has created a unique landscape for investment, and few companies have navigated this terrain as successfully as Nvidia. Since the launch of ChatGPT over two years ago, Nvidia has seen a remarkable increase in its revenue, profitability, and cash reserves, leading to a significant rise in its stock price. This surge has enabled the company to strategically invest in a variety of startups, particularly those focused on AI.
Investment Surge in AI Startups
In 2024, Nvidia significantly ramped up its venture capital activities, participating in 49 funding rounds for AI startups, a notable increase from 34 in the previous year. This represents a dramatic rise compared to the combined total of 38 AI investments made over the previous four years. It’s important to note that these figures do not include investments from its dedicated corporate venture capital fund, which has also seen a substantial increase in activity.
Goals of Corporate Investment
Nvidia has articulated that its corporate investment strategy aims to foster the growth of the AI ecosystem by supporting startups that it identifies as potential market disruptors. This approach not only enhances Nvidia’s portfolio but also contributes to the broader advancement of AI technologies.
Notable Startup Investments
Since 2023, Nvidia has participated in several high-profile funding rounds exceeding $100 million, showcasing its commitment to backing innovative companies. Below is a selection of notable startups that have received significant investments from Nvidia:
OpenAI
Nvidia made its first investment in OpenAI in October, contributing $100 million to a massive $6.6 billion funding round that valued the company at $157 billion. This investment, while substantial, was overshadowed by other major backers.
xAI
Nvidia also joined Elon Musk’s xAI in a $6 billion funding round, demonstrating its willingness to invest in competitive AI ventures despite previous associations with OpenAI.
Inflection AI
In June 2023, Nvidia was among the lead investors in Inflection’s $1.3 billion round. This company, founded by a former DeepMind executive, has since seen significant changes, including a major acquisition by Microsoft.
Wayve
Nvidia participated in a $1.05 billion funding round for Wayve, a UK-based startup focused on developing self-learning systems for autonomous vehicles, highlighting its interest in the future of transportation technology.
Scale AI
In May 2024, Nvidia joined other tech giants in investing $1 billion in Scale AI, a company specializing in data-labeling services essential for training AI models, further solidifying its role in the AI infrastructure space.
Crusoe
Crusoe, which is building data centers for major tech companies, raised $686 million in late 2024, with Nvidia among the investors, showcasing its commitment to supporting infrastructure that powers AI technologies.
Figure AI
In February 2024, Nvidia invested in Figure, an AI robotics startup that raised $675 million, indicating its interest in the intersection of robotics and AI.
Mistral AI
Nvidia’s second investment in Mistral came during a $640 million Series B round, reflecting its ongoing support for innovative language model developers.
Lambda
Lambda, an AI cloud provider, raised $480 million in February 2024, with Nvidia participating in the round, further emphasizing its focus on AI infrastructure.
Cohere
Nvidia’s investment in Cohere’s $500 million round in June highlights its commitment to supporting large language model providers.
Perplexity
Having first invested in Perplexity in late 2023, Nvidia continued to support the AI search engine startup through subsequent funding rounds, including a $500 million round in December.
Poolside
In October, Poolside, an AI coding assistant startup, raised $500 million, with Nvidia participating in the round, showcasing its interest in AI tools for developers.
CoreWeave
Nvidia’s investment in CoreWeave in April 2023 marked its entry into the AI cloud computing space, with the startup’s valuation skyrocketing since then.
Together AI
Nvidia’s participation in Together AI’s $305 million Series B round in February 2024 reflects its support for companies providing cloud-based AI model infrastructure.
Sakana AI
In September, Nvidia invested in Sakana AI, a Japanese startup focused on training generative AI models, further expanding its global investment footprint.
Imbue
Imbue, an AI research lab, raised $200 million in September 2023, with Nvidia among the investors, indicating its interest in advanced AI research.
Waabi
In June, Waabi, an autonomous trucking startup, raised $200 million, with Nvidia participating, showcasing its commitment to the future of transportation.
Ayar Labs
Nvidia’s investment in Ayar Labs’ $155 million round in December highlights its focus on improving AI infrastructure through innovative technologies.
Kore.ai
Kore.ai, which develops enterprise-focused AI chatbots, raised $150 million in December 2023, with Nvidia among the investors, reflecting its interest in conversational AI.
Sandbox AQ
In April, Nvidia invested $150 million in Sandbox AQ, a startup focused on large quantitative models, further diversifying its investment portfolio.
Hippocratic AI
This healthcare-focused AI startup raised $141 million in January, with Nvidia participating, indicating its interest in AI applications in the medical field.
Weka
Nvidia’s investment in Weka’s $140 million round in May underscores its commitment to data management solutions for AI.
Runway
Runway, a startup focused on generative AI tools for content creators, raised $141 million in June 2023, with Nvidia among the investors, showcasing its interest in creative AI applications.
Bright Machines
In June 2024, Nvidia participated in a $126 million funding round for Bright Machines, a startup focused on smart robotics and AI-driven software.
Enfabrica
Nvidia’s investment in Enfabrica’s $125 million Series B round in September 2023 highlights its interest in networking technologies that support AI workloads.
Note: A previous version of this article contained inaccuracies regarding Nvidia’s investment affiliations. Corrections have been made to ensure accuracy.