AI startup Modular raises $250 million, seeks to challenge Nvidia dominance

AI startup Modular said on Wednesday it raised $250 million in a funding round valuing it at $1.6 billion, as it aims to challenge Nvidia’s software stranglehold on the AI computing market.

The funding, which nearly tripled the company’s valuation from two years ago, was led by U.S. Innovative Technology fund. DFJ Growth and all existing investors, including GV, General Catalyst and Greylock also joined the round.