Runpod hits $120 millionlion ARR, lands $20 million in fresh funding
AI cloud platform Runpod just reached a $120 million annual revenue run rate, having secured $20 million in seed funding in May 2024, with backing from Dell Technologies Capital, Intel Capital, Nat Friedman, and Hugging Face's Julien Chaumond.
What does Runpod actually do?
Runpod powers AI projects by offering GPU cloud infrastructure for building and running models—think training, fine-tuning, or deploying AI—across 31 regions worldwide.
Features include super-fast serverless GPUs (serverless endpoints with a sub-500 millisecond cold start time), autoscaling clusters, per-second billing, and easy templates for popular frameworks like LLaMA and Stable Diffusion.
It also plugs into Hugging Face's massive model library.
Who uses Runpod—and how did it all start?
Runpod serves everyone from solo devs to Fortune 500 teams; big names like OpenAI, Perplexity, Replit, Cursor, Wix, and Zillow are on board.
Founded by Zhen Lu and Pardeep Singh—who started out converting basement Ethereum mining rigs into AI servers—the company's growth has been pretty impressive.