Emerald AI, a startup that helps AI data centres reduce or shift their power consumption when the grid is under stress, has raised $150 million in its oversubscribed Series A round at a $1.05 billion valuation.
Energize Capital and DCVC jointly led the round, with several financial and strategic investors also participating. The round also included NVIDIA, Samsung Ventures, Siemens, Aramco Ventures, RWE, JERA Ventures, ADVentures, Sabanci Climate Ventures, Energy Impact Partners, Lowercarbon Capital, Marunouchi Innovation Partners, Emerson Collective, The Olayan Group, Temerty Group, Earthshot Ventures, Collective Global Management, General Catalyst’s scout fund, and others.
Varun Sivaram, founder and CEO of Emerald AI, said, “We founded Emerald AI on the conviction that the intelligence driving the AI revolution could solve its own greatest bottleneck. Our demonstrations around the world proved that data centers can adjust their power use precisely when the grid needs relief, without compromising critical computing workloads. Today that technology runs commercially at full data centre scale, and this financing lets us take it everywhere AI is built.”
The company states that it will put the new funds towards expanding its commercial operations worldwide, and that its customer base consists of AI companies, data centre operators and electric utilities.
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