Crusoe Energy, a San Francisco-based artificial intelligence infrastructure provider, closed a $600 million funding round at a $2.8 billion valuation on Dec. 12.
The Series D funding round was spearheaded by Founders Fund, with contributions from both new and existing investors, such as Nvidia, Fidelity, Mubadala Investment Company, Long Journey Ventures, Ribbit Capital, and Valor Equity Partners. In June 2022, UAE’s Mubadala participated in a $350 million Series C funding round for Crusoe Energy.
Founded in 2018, Crusoe is a technology company specializing in AI-driven compute infrastructure to optimize high-performance computing tasks. It focuses on offering scalable, cost-efficient, and energy-conscious solutions for industries requiring advanced computational power, such as AI model training, data analysis, and cloud computing.
Touted as industry’s first vertically integrated, purpose-built AI cloud platform, Crusoe Energy is also committed to sustainability, powering its data centers with carbon-neutral energy sources, addressing both environmental and technological concerns.
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“We believe a new approach is needed to power the AI revolution,” said Chase Lochmiller, CEO and co-founder of Crusoe. “To reduce complexity, accelerate time-to-value, and support the most demanding AI solutions, customers need a vertically integrated approach. We are able to innovate faster and bring new, state-of-the-art capacity online in a fraction of the time compared to legacy cloud providers while delivering unmatched results for customers, making the promises of AI a reality.”
In addition to the funding, Crusoe announced the general availability of Crusoe Cloud, the high-performance cloud platform tailored for AI and machine learning (ML) workloads.
“We built Crusoe Cloud from the ground up—thinking differently and vertically integrating every aspect of the product. Our “full stack” extends far below traditional software and hardware, all the way down to the electrons that power the system,” Nitin Perumbeti, Chief Technology Officer at Crusoe, wrote in a blog last year.
Reportedly, Crusoe has been expanding its global footprint of AI infrastructure over the past year, and its customer count has grown more than seven times in the past 12 months. The company now operates in nine states and three countries, including Iceland.
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Mubadala is a state-owned investment firm based in Abu Dhabi, United Arab Emirates. Established in 2002, it manages a diverse global portfolio across various sectors, including energy, technology, healthcare, real estate, and financial services.
Mubadala’s backing of Crusoe in its $600 million funding round highlights the firm’s strategic focus on investing in cutting-edge technologies with sustainable growth potential. This partnership aligns with Mubadala’s commitment to supporting innovation and economic diversification.
By investing in Crusoe, a leader in AI-driven, energy-efficient compute infrastructure, Mubadala strengthens its portfolio in the high-performance computing sector while promoting sustainability. This investment not only enhances Crusoe’s ability to accelerate AI-driven solutions but also underscores Mubadala’s role in fostering global competitiveness and advancing green technology solutions in the tech industry.