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AI Startup Modular Raises $250 Million to Take On Nvidia’s Software Dominance

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AI startup Modular announced Wednesday it has raised $250 million in fresh funding, giving the company a valuation of $1.6 billion as it looks to loosen Nvidia’s grip on the AI computing ecosystem.

The round, which nearly tripled Modular’s valuation from two years ago, was led by the U.S. Innovative Technology Fund with participation from DFJ Growth and existing backers GV, General Catalyst, and Greylock.

Founded in 2022 by former Apple and Google engineers, Modular has built a platform that lets developers run AI applications across multiple types of chips without rewriting code for each one. Its clients include cloud providers such as Oracle and Amazon, as well as chipmakers Nvidia and AMD.

Nvidia’s dominance—holding more than 80% of the high-end AI chip market—is reinforced by its proprietary CUDA software, which locks in over 4 million developers worldwide. Modular positions itself as a neutral alternative, branding its approach the “Switzerland strategy.”

Co-founder and CEO Chris Lattner emphasized that Modular isn’t aiming to topple Nvidia directly. “What we’re focused on is not like pushing down Nvidia or crushing them. It’s more about enabling a level playing field so that other people can compete,” he said.

The company plans to sell its software directly to enterprises on a usage-based model and through revenue-sharing deals with cloud providers. Investors are betting that a multi-vendor AI hardware future is inevitable. DFJ Growth partner Sam Fort described Modular as “VMware for the AI era,” enabling workloads to move seamlessly across different chip vendors.

With around 130 employees, Modular plans to use the new capital to grow its engineering and sales teams and to expand beyond AI inference into the more demanding AI training market.

Replit Raises $250 Million at $3 Billion Valuation as AI Code-Gen Market Heats Up

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Replit, the San Francisco-based AI software development platform, announced Wednesday it has raised $250 million in new funding, pushing its valuation to $3 billion. The round underscores booming investor interest in AI code-generation startups, which aim to help both developers and non-technical teams write software.

The financing was led by Prysm Capital, with participation from Google’s AI Futures Fund and Amex Ventures. Existing investors including Andreessen Horowitz (a16z) and Coatue also increased their commitments.

Replit’s growth has been dramatic: the company was valued at just over $1 billion in 2023 after raising $97.4 million. Its annualized revenue surged from $2.8 million to $150 million in under a year, reflecting accelerating adoption.

Competitive Landscape

The code-gen sector is attracting major capital. Rival Cognition raised $400 million at a $10.2 billion valuation earlier this week, while Cursor raised $900 million at a $10 billion valuation in May.

Replit CEO Amjad Masad said what sets Replit apart is its “vibe-coding” tools aimed at non-technical enterprise users, enabling departments from sales and HR to operations to accelerate product development.

Customers and New Tools

Companies such as Duolingo and Zillow already use Replit to build applications. On Wednesday, the company also launched Agent 3, an autonomous AI tool designed to test and fix code, as well as build custom agents and workflows.

Strategic Focus

Replit plans to invest the new capital in R&D, sales, and marketing, as it competes with well-funded rivals in the fast-evolving AI software development space.

RealSense Spins Out of Intel, Raises $50 Million to Boost AI Vision in Robotics

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RealSense, a computer vision technology company, announced on Friday its official spinout from Intel Corp and the successful raising of $50 million in early-stage funding. This capital injection aims to accelerate RealSense’s growth in the fast-expanding robotics market. The firm specializes in developing 3D cameras that allow machines to perceive depth, interpret surroundings, and interact intelligently with their environment.

Backed by Intel Capital, the MediaTek Innovation Fund, and other strategic investors, RealSense plans to use the funds to increase manufacturing capacity and expand its global sales and marketing efforts. CEO Nadav Orbach highlighted that a portion of the funding will also support R&D for AI software and the next generation of depth cameras, though the company did not disclose the valuation of the funding round.

Orbach noted that while some of RealSense’s customers are vertically integrated companies, the firm currently serves over 3,000 active customers worldwide, reflecting strong ecosystem growth. Their latest product, the D555 camera, supports data and power transmission through a single cable and includes embedded AI features that enhance real-time environmental awareness for robots and security systems.

RealSense’s depth cameras are integrated into 60% of the world’s autonomous mobile robots and humanoids, counting clients like China’s Unitree Robotics and Switzerland’s ANYbotics. Beyond robotics, the company is expanding into security systems utilizing facial recognition technologies supported by its proprietary software for environment mapping and identification.

While manufacturing primarily occurs in Thailand and other parts of Asia, RealSense maintains its headquarters and business operations in the United States. Orbach mentioned that while IPO or acquisition possibilities remain open, the company’s current focus is on sustained, long-term growth.