Gcore has raised $60 million in Series A funding from institutional and strategic investors to drive AI innovation and global expansion.
Takeaway Points
- Gcore raised $60 million in Series A funding to drive AI innovation.
- The investment was led by Wargaming, and with participation from Constructor Capital and Han River Partners.
- The investment is the first external capital raise for the company since it was established many years ago.
- A few months ago, Gcore was recognized by NVIDIA as a highly commended partner for the AI Speech-to-Text Solution.
Gcore’s First External Capital Raise
Gcore, the global edge AI, cloud, network, and security solutions provider, said on Tuesday that it has raised $60 million in Series A funding from institutional and strategic investors to drive AI innovation and global expansion. The investment was led by Wargaming, and with participation from Constructor Capital and Han River Partners.
The investment is the first external capital raise for the company since it was established many years ago and will be invested in Gcore’s technology and platform, including cutting-edge AI servers that are powered by NVIDIA GPUs, to drive AI-led innovations, Gcore said.
Andre Reitenbach, CEO of Gcore, said, “We are on the cusp of an AI revolution that will transform how companies operate. Gcore is perfectly positioned to connect the world to AI, anywhere and anytime, by delivering innovative AI, cloud, and edge solutions. The growing demand for AI infrastructure from enterprises and SMBs alike highlights the importance of this significant investment. We are thrilled by the support of investors like Wargaming, Constructor Capital, and Han River Partners as we enhance our extensive network of AI servers and reinforce the powerful edge services we offer.”
The global edge AI provider has a global network of over 180 edge nodes across six continents, including 25+ cloud locations, and public organizations, telecommunications, and global corporations trust it to deliver reliable, scalable edge AI, cloud, network, and security solutions worldwide, Gcore said.
Gcore explained that its cloud infrastructure is built for the edge, powering both the training of large language models (LLMs), a market valued at $200bn+ and rising, and the inference of AI applications at the edge.
On April 23, 2024, Gcore said it was recognized by NVIDIA as a highly commended partner for AI Speech-to-text Solution at the NVIDIA Partner Awards EMEA 2024. Gcore was acknowledged in the Industry Innovation category for creating the first AI speech-to-text translator for Luxembourgish.
“We’re honored to be recognized by a market leader like NVIDIA as a highly commended partner in industry innovation and for our contribution to the AI landscape. Gcore Speech-to-Text Translator sets a new standard and demonstrates our leadership in Edge AI services.,” Gcore said in a statement.
Gcore built Speech-to-Text Translator on top of Whisper Small, a pre-trained model for automatic speech recognition and speech translation. To fine-tune the model, Gcore used servers powered by NVIDIA A100 GPUs. As Luxembourgish is a predominantly spoken-only language in Luxembourg, it lacked adequate tools for written communication. The Speech-to-Text Translator is designed to solve this problem. It’s also free and unlimited for use.
