The round was led by Thomas Tull's US Innovative Technology with participation from new investors B Capital, SK Telecom, funds and accounts advised by T. Rowe Price Associates, Inc., and existing investors Crescent Cove, Mercato Partners, 1517 Fund, Bloomberg Beta, and Gradient Ventures, among others. The company will use this new equity financing to expand its AI cloud business, including Lambda's popular on-demand and reserved cloud offerings.

Lambda was founded in 2012 by AI engineers with published research at the top machine learning conferences in the world. Our goal is to become the #1 AI compute platform serving developers across the entire AI development lifecycle. Lambda enables AI engineers to easily, securely and affordably build, test and deploy AI products at scale. Our product portfolio spans from on-prem GPU hardware to hosted GPUs in the cloud. Lambda's mission is to create a world where access to computation is as effortless and ubiquitous as electricity.