Jan 11, 2025

7:00 AM PST · January 11, 2025 No company has capitalized on the AI revolution more dramatically than Nvidia. Its revenue, profitability, and cash reserves have skyrocketed since the introduction of ChatGPT a little over two years ago — and the many competitive generative AI services have launched since. And its stock price soared more than eightfold. During that period, the world’s leading high-performance GPU maker has used its ballooning fortunes to significantly increase investments in all sorts of startups, but particularly in AI startups. The chip giant ramped up its venture capital activity in 2024, participating in 49 funding rounds for AI companies, a sharp increase from 34 in 2023, according to PitchBook data. It’s a dramatic surge in investment compared to the previous four years combined, during which Nvidia funded only 38 AI deals. Note that these investments exclude those made by its formal corporate VC fund, NVentures, which also significantly ramped up its investing in the last two years. (PitchBook says NVentures engaged in 24 deals in 2024, compared to just 2 in 2022.) Nvidia has stated that the goal of its corporate investing is to expand the AI ecosystem by backing startups it considers to be “game changers and market makers.” Of course, Nvidia is not the only large tech corporation writing checks to AI startups. But over the last two years, it was the most active. Compared to Nvidia’s 83 deals in two years (2023 and 2024), Alphabet participated in 73, while Microsoft has done 40 rounds, PitchBook data shows. Below is a list of startups that raised rounds exceeding $100 million over the past two years where Nvidia is a named participant, organized from highest to lowest raised in the round. The billion-dollar-round club OpenAI: Nvidia backed the ChatGPT maker for the first time in October, reportedly writing a $100 million check toward a colossal $6.6 billion round that valued the company at $157 billion. The chip maker’s investment was dwarfed by OpenAI’s other backers, notably Thrive, which according to the New York Times invested $1.3 billion. xAI:  Nvidia participated in the $6 billion round of Elon Musk’s xAI. The deal revealed that not all of OpenAI’s investors followed its request to refrain from backing any of its direct competitors. After investing in the ChatGPT maker in October, Nvidia joined xAI’s cap table a few months later . Inflection:  One of Nvidia’s first significant AI investments also had one of the most unusual outcomes. In June 2023, Nvidia was one of several lead investors in Inflection’s $1.3 billion round, a company founded by Mustafa Suleyman, who earlier founded DeepMind. Less than a year later, Microsoft hired Inflection AI’s founders, paying $620 million for a non-exclusive technology license, leaving the company with a significantly diminished workforce and a less defined future. Wayve: In May, Nvidia participated in a $1.05 billion round for the U.K.-based startup, which is developing a self-learning system for autonomous driving. The company is testing its vehicles in the U.K. and the San Francisco Bay Area. Safe Superintelligence: In September, Nvidia was a backer in the new startup founded by former OpenAI chief scientist Ilya Sutskever. The $1 billion round reportedly valued the new 10-person AI lab at $5 billion. Scale AI: In May 2024, Nvidia joined Accel and other tech giants Amazon and Meta to invest $1 billion in Scale AI, which provides data-labeling services to companies for training AI models. The round valued the San Francisco-based company at nearly $14 billion. The many-hundreds-of-millions-of-dollars club Crusoe: A startup building data centers reportedly to be leased to Oracle, Microsoft, and OpenAI raised $686 million in late November, according to an SEC filing. The investment was led by Founders Fund, and the long list of other investors included Nvidia. Figure AI: In February, AI robotics startup Figure raised a $675 million Series B from Nvidia, OpenAI Startup Fund, Microsoft, and others. The round valued the company at $2.6 billion. Mistral AI: Nvidia invested in Mistral for the second time when the French-based large language model developer raised a $640 million Series B at a $6 billion valuation in June. Cohere: In June, Nvidia invested in Cohere’s $500 million round , a large language model provider serving enterprises. The chip maker first backed the Toronto-based startup a year prior. Perplexity: Nvidia first invested in Perplexity in November of 2023 and has participated in every subsequent round of the AI search engine startup, including the $500 million round in December, which values the company at $9 billion, according to PitchBook data. Poolside: In October, the AI coding assistant startup Poolside announced it raised $500 million led by Bain Capital Ventures. Nvidia participated in the round, which valued the AI startup at $3 billion. CoreWeave: Nvidia invested in the AI cloud computing provider in April 2023, when CoreWeave raised $221 million in funding. Since then, CoreWeave’s valuation has jumped from about $2 billion to $19 billion , and the company reportedly has sights on a $35 billion IPO this year. CoreWeave allows its customers to rent Nvidia GPUs on an hourly basis. Sakana AI: In September, Nvidia invested in the Japan-based startup, which trains low-cost generative AI models using small datasets. The startup raised a massive Series A round of about $214 million at a valuation of $1.5 billion. Imbue: The AI research lab that claims to be developing AI systems that can reason and code raised a $200 million round in September 2023 from investors, including Nvidia, Astera Institute, and Cruise CEO Kyle Vogt. Waabi: In June, the autonomous trucking startup raised a $200 million Series B round co-led by existing investors Uber and Khosla Ventures. Other investors included Nvidia, Volvo Group Venture Capital, and Porsche Automobil Holding SE. Deals of over a $100 million Ayar Labs: In December, Nvidia invested in the $155 million round of Ayar Labs, a company developing optical interconnects to improve AI compute and power efficiency. This was the third time Nvidia backed the startup. Kore.ai: The startup developing enterprise-focused AI chatbots raised $150 million in December of 2023. In addition to Nvidia, investors participating in the funding included FTV Capital, Vistara Growth, and Sweetwater Private Equity. Weka: In May, Nvidia invested in a $140 million round for AI-native data management platform Weka. The round valued the Silicon Valley company at $1.6 billion. Runway:  In June of 2023, Runway, a startup building generative AI tools for multimedia content creators, raised a $141 million Series C extension from investors, including Nvidia, Google, and Salesforce. Bright Machines: In June 2024, Nvidia participated in a $126 million Series C of Bright Machines, a smart robotics and AI-driven software startup. Vast Data: The startup that provides storage solutions for AI and data analytics raised a $118 million Series E at a $9.3 billion valuation in December of 2023. That was the third time Nvidia invested in Vast Data. Enfabrica: In September 2023, Nvidia invested in networking chips designer Enfabrica’s $125 million Series B . Although the startup raised another $115 million in November, Nvidia didn’t participate in the round. Topics