Paperspace, a US-based provider of artificial intelligence (AI) software development tools, has closed a $13m series A round co-led by Intel Capital, the corporate venturing arm of semiconductor technology manufacturer Intel.
Intel co-led the round with investment firm Battery Ventures, venture capital firms SineWave Ventures and Initialized Capital, and Sorenson Ventures, the VC arm of private equity firm Sorenson Capital, the company said.
Founded in 2014, Paperspace markets a cloud-hosted computing system that helps AI software developers implement projects more easily. Its features include a powerful cloud-hosted graphics processing unit and a remote workstation for testing visual effects.
The series A cash was provided as Paperspace prepares to release several products over coming months. The company had raised an undisclosed amount from VC fund Zillionize in 2015, the same year it participated in accelerator Y Combinator.
Paperspace subsequently attracted $4m in an October 2016 round backed by Initialized Capital, Data Collective, Ludlow Ventures and angel investors including Jeff Carr, according to VentureBeat.