Together AI, an AI neocloud provider that rents out Nvidia GPU clusters and other AI-specific infrastructure, announced on Wednesday, July 1, 2026, that it has raised an $800 million Series C round at an $8.3 billion valuation.
The round was led by Aramco Ventures, with participation from Vista Equity Partners, General Catalyst, Emergence Capital, Nvidia, March Capital, Pegatron, SentinelOne’s S Ventures, and others. The funding marks a significant jump from the company’s previous raise — a $305 million Series B at a $3.3 billion valuation approximately 16 months ago. Together AI was founded in 2022 and came to market well-capitalized, having closed a $102.5 million Series A led by Kleiner Perkins in 2023.
The company specializes in hosting open source AI models, and it reports annual bookings of over $1.15 billion as of its last quarter. Together AI says it has thousands of paying customers, including Cursor, Cognition, and Decagon. The company attributes its growth to a broader shift in how businesses consume AI: rather than paying premiums for closed frontier models, companies are increasingly turning to open source alternatives through neocloud providers. Together AI says this trend has tripled open source model usage across the industry over the past year.
Together AI was co-founded by Vipul Ved Prakash, who previously sold social media search platform Topsy to Apple in 2013 for a reported $200 million or more. His co-founders are Stanford professor Percy Liang and ETH Zürich/University of Chicago associate professor Ce Zhang.
The raise reflects wider investor appetite for neocloud infrastructure. Last month alone, Upscale AI raised $500 million at a $2 billion valuation and TensorWave closed a $350 million Series B at a $1.55 billion valuation, suggesting the neocloud sector is drawing sustained venture capital attention.
Source: TechCrunch