Total amount raised
$40.2 Millions
Latest funding date
Location
Rain AI has successfully raised significant funding through a Series A round, attracting notable investors such as Epic Venture Partners and Toy Ventures. The company is dedicated to developing energy-efficient hardware for artificial intelligence applications.
Keep reading to explore the intricacies of Rain AI's fundraising journey and the investors backing this innovative platform.
What Is Rain AI?
Rain AI, founded in 2017, is based in Redwood City, California. The company specializes in developing energy-efficient hardware for artificial intelligence applications, focusing on neuromorphic chips inspired by the human brain's architecture.
Rain AI was founded by Gordon Wilson, Jack Kendall, and Juan Nino. The company aims to address the growing demand for sustainable computing solutions through its innovative technology.
With a team of 11-50 employees, Rain AI continues to push the boundaries of AI hardware, offering products like compute-in-memory technology, AI accelerators, and machine learning model optimization tools.
How Much Funding Has Rain AI Raised?
- Round Name: Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 26, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain initial traction and develop early-stage technology.
- Round Name: Seed Round
- Amount Raised: $5M
- Date: August 23, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To relocate to Silicon Valley and further R&D efforts.
- Round Name: Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 22, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early development and operations.
- Round Name: Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 8, 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue advancing their technology.
- Round Name: Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 14, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their operations and technology development.
- Round Name: Venture Round
- Amount Raised: $2.1M
- Date: August 10, 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their in-memory compute technology.
- Round Name: Series A
- Amount Raised: $25M
- Date: February 2, 2022
- Lead Investors: Prosperity7 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue advancing their technology and expand their operations.
- Round Name: Series A Extension
- Amount Raised: $8.1M
- Date: May 26, 2024
- Lead Investors: Epic Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for the launch of their first chip in 2025 and engage in IP licensing talks.
Total Amount Raised: $40.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Sam Altman
- Details: Sam Altman is the co-founder and CEO of OpenAI. He led the $5 million seed round for Rain AI.
- Investment Focus Areas: AI, technology startups
- Notable Investments: OpenAI
- Jeff Rothschild
- Details: Jeff Rothschild is a founding engineer at Facebook. He is a notable investor in Rain AI.
- Investment Focus Areas: Technology, engineering
- Notable Investments: Facebook
- Daniel Gross
- Details: Daniel Gross is the co-founder of AI startup Cue, which was acquired by Apple. He is a notable investor in Rain AI.
- Investment Focus Areas: AI, technology
- Notable Investments: Cue (acquired by Apple)
- Oliver Cameron
- Details: Oliver Cameron is the founder of autonomous vehicle startup Voyage, which was acquired by Cruise. He is a notable investor in Rain AI.
- Investment Focus Areas: Autonomous vehicles, AI
- Notable Investments: Voyage (acquired by Cruise)
- Epic Venture Partners
- Details: Epic Venture Partners is a venture capital firm that made the recent $8.1 million investment in Rain AI's Series A Extension round.
- Investment Focus Areas: Technology startups
- Notable Investments: Not publicly disclosed
What's Next for Rain AI?
Rain AI is poised to capitalize on significant opportunities by licensing its IP to major hyperscalers and semiconductor companies. The launch of their first chip in 2025 will target high-growth industries such as drones, VR goggles, smartphones, robotics, and wearables, indicating a potentially large market size.
Given their successful funding history and high-profile investors, future fundraising opportunities are likely as they approach the product launch and market expansion. However, they may face challenges such as competition from other AI hardware companies and technical hurdles in scaling their in-memory compute technology.
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