Lightning AI merges with Ripple-backed Voltage Park, valuing the company at over $2.5 billion.
AI startup Lightning AI and computing power provider Voltage Park have merged to create a "full-stack AI cloud." The merged company, named Lightning AI, is valued at over $2.5 billion and has annual recurring revenue exceeding $500 million. Lightning AI is the developer of the open-source tool PyTorch Lightning, while Voltage Park was founded with $900 million in funding from the Navigation Fund, a non-profit organization founded by Ripple co-founder and Mt. Gox co-founder Jed McCaleb, and manages over 35,000 Nvidia GPUs. Following the merger, the Navigation Fund will hold a significant stake in the new company. (Forbes)
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