Lightning AI (previously known as Grid.ai), a New York-based provider of an AI platform that unifies the full AI/ML development and infrastructure lifecycle, raised $40M in Series B funding.
The round, which brings the total raised to date to $58.6 million, was led by Coatue with participation from Index, Bain, First Minute Capital, and the Chainsmokers’ Mantis VC. Coatue General Partners Caryn Marooney and Bryan Offutt, Index Ventures Partners, joined the board.
The company plans to use the capital for technology innovation, funding new AI research and investing in its user community.
Lightning AI, headed by William Falcon, streamlines the process of machine learning development in order to increase AI adoption. It allows individuals and enterprises to create deployment-ready AI tools without the need to hire specialists or invest in infrastructure. Lightning AI allows researchers, data scientists and software engineers, regardless their technical expertise, to develop, share, iterate and scale highly scalable and production-ready AI apps. Lightning Apps allow users to group components and create customized code. This allows them to tackle any kind of AI problem. Lightning Apps can then be republished back into the community for future use, or kept private in users’ personal libraries.