Funding round
Lambda Series C
Lambda, which works in AI infrastructure hardware manufacturing in San Jose, raised $320M in a Series C round announced on 15 Feb 2024, led by United States Innovative Technology, at a $1.50B post-money valuation. 9 firms took part, 5 of them already investors. It is Lambda's third venture round on record; the one before was a Series B in Nov 2022.
$320M
Amount raised
$1.50B
Post-money valuation
$1.18B pre-money
9
Investors
1 lead
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Lambda at $1.50B after the new money. The $320M bought investors about 21% of the company. It came 15 months after Lambda's Series B. It is 11% of the $2.80B Lambda has raised in the venture rounds on record. Lambda raised again 2 months later: a Growth round of $500M in Apr 2024. Its next priced round, a Series D in Feb 2025, valued it at $2.50B.
Lambda's funding rounds
Lambda has 6 venture rounds on record and 2 other deals. This one is highlighted.
- Seed 20 Dec 2017 $4.0M
- Series B 1 Nov 2022 amount not disclosed
- Series C this round 15 Feb 2024, led by United States Innovative Technology $320M$1.50B post-money
- Growth 4 Apr 2024, led by Macquarie $500M
- Series D 19 Feb 2025, led by Andra Capital and SGW $480M$2.50B post-money
- Debt not a venture round 20 Aug 2025, led by J.P. Morgan $275M
- Series E 18 Nov 2025, led by TWG Global $1.50B
- Debt not a venture round 12 Aug 2026, led by Morgan Stanley $926M
Investors
Who put money in
United States Innovative Technology led the round with 8 other firms. Crescent Cove, Mercato, 1517 Fund and Bloomberg Beta and 1 more had backed Lambda before.
Lead investor
- backs 20 venture-backed companies new investor
Also in the round
- B Capital backs 156 venture-backed companies new investor
- SK Telecom new investor
- T. Rowe Price Associates, Inc. new investor
- backs 9 venture-backed companies existing investor
- backs 27 venture-backed companies existing investor
- backs 22 venture-backed companies existing investor
- Bloomberg Beta existing investor
- backs 141 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and sales and marketing.
- Product development
- Scaling operations
- Sales and marketing
Comparable rounds
How it compares
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 6.4 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Abridge Tech Companies | 23 Feb 2024 | $150M | $850M | Lightspeed Venture Partners and Redpoint Ventures |
| Tech Companies | 1 Feb 2024 | $102M | not disclosed | GreatPoint Ventures and Celesta Capital |
| Tech Companies | 9 Feb 2024 | $100M | not disclosed | SoftBank Vision Fund |
| Tech Companies | 1 Feb 2024 | $100M | $1.80B | Greenoaks |
| Tech Companies | 27 Feb 2024 | $65M | not disclosed | FTV Management Company |
| Tech Companies | 20 Feb 2024 | $50M | not disclosed | InfraVia |
| Tech Companies | 8 Feb 2024 | $43M | $1.00B | not named |
| Tech Companies | 26 Feb 2024 | $40M | not disclosed | Leavitt Equity Partners |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Lambda raise in its Series C round?
Lambda raised $320M in its Series C round, announced in Feb 2024.
Who led Lambda's Series C round?
United States Innovative Technology led it, with B Capital, SK Telecom, T. Rowe Price Associates, Inc., Crescent Cove and Mercato and 3 more.
What was Lambda's valuation at the Series C round?
$1.50B post-money ($1.18B pre-money).
How does it compare with other Series C rounds in Tech Companies?
234 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $50M, and this round was 6.4 times the median.
Did Lambda raise again after this round?
Yes: a Growth round in Apr 2024 of $500M.