Nvidia to invest up to $1 billion in AI startup Poolside, Bloomberg News reports
A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration
Nvidia will invest up to $1 billion in AI company Poolside, in a deal that would quadruple the startup's valuation, Bloomberg News reported on Thursday, citing people familiar with the matter.
Poolside is in discussions to raise $2 billion at a pre-money $12 billion valuation, Bloomberg reported, adding that Nvidia's investment in the round would start at $500 million, with the potential to reach $1 billion if the startup meets its fundraising targets.
Poolside, which offers AI-powered coding assistants, has already secured more than $1 billion in commitments for the latest funding round, including roughly $700 million from existing investors, according to the report.
Poolside and Nvidia did not immediately respond to Reuters' requests for comment.
