US-based cloud computing software developer Rescale completed a $105m series C round on Tuesday with backing from corporates Microsoft, Nvidia, Samsung and Hitachi, bringing its total funding to over $157m.
Software provider Microsoft and electronics manufacturers Samsung and Hitachi participated in the round through respective subsidiaries M12, Hitachi Ventures and Samsung Catalyst Fund, while graphics processing unit producer Nvidia invested directly.
The round was filled out by Fort Ross Ventures, Gopher, Gaingels, Initialized Capital, Keen Venture Partners, Nautilus Venture Partners, Prometheus Capital, Republic Labs, Solasta Ventures, Yield Capital Partners and private investors including Jeff Bezos, Richard Branson and Peter Thiel.
Rescale provides software for artificial intelligence and high-performance computing used to run simulations and for research and development. The round’s $50m first tranche in February this year featured Hitachi Ventures, M12, Samsung Catalyst Fund, Nautilus Venture Partners and Republic Labs.
Initialized Capital, Keen Venture Partners and SineWave Ventures had co-led a $32m series B round for Rescale in 2018 that included financial services group Mitsubishi UFJ, Data Collective, Jump Capital, Quiet Capital, Streamlined Ventures, Translink Capital, Two Roads Group, Y Combinator and assorted private investors.
The company had already secured $14m in series A funding from trading group Itochu’s corporate venturing subsidiary, Itochu Ventures, as well as Microsoft, TransLink Capital, Jump Capital, Two Roads Group and existing backer Data Collective in 2016.
Joris Poort, Rescale’s chief executive, said: “Our customers are solving some of the world’s biggest challenges with sustainable energy solutions, computational drug discovery and autonomous electrified transportation.
“Empowering these teams with the digital R&D and specialised computing capabilities helps shorten design cycles, improves product quality and performance and brings critical innovations to market faster.”
