Rescale Closes $105 Million in Expanded Series C Funding
Leader in intelligent computing for digital R&D with High-Performance Computing built for the cloud, Rescale powers science and engineering breakthroughs with intelligent full-stack automation powered by the near-infinite computing capabilities of hybrid cloud
SAN FRANCISCO, Nov. 23, 2021 (GLOBE NEWSWIRE) — Rescale, the leading hybrid cloud high performance computing (HPC) platform enabling intelligent computing for digital R&D, today announced it has closed $105 million in an expanded Series C funding round. Existing and new investors in the company include Sam Altman, Jeff Bezos, Richard Branson, Paul Graham, Peter Thiel, Fort Ross Ventures, Gaingels, Gopher, Hitachi Ventures, Initialized Capital, Keen Venture Partners, Microsoft M12, Nautilus Venture Partners, NVIDIA, Prometheus Capital, Republic Labs, Samsung Catalyst Fund, Solasta Ventures, Yield Capital Partners and more. The valuation was not disclosed.
Rescale’s announcement today follows a dramatic acceleration in customer demand, investor interest and market momentum, bringing the company’s total funding to date to over $155 million. With over 200 enterprise customers, and year-over-year sales growing over 2x in 2021, Rescale is accelerating the digital transformation of the computational science and engineering discipline, which has traditionally been on-premises in private data centers but is rapidly shifting to cloud.
“Our customers are solving some of the world’s biggest challenges with sustainable energy solutions, computational drug discovery, and autonomous electrified transportation,” said Joris Poort, CEO and founder of Rescale. “Empowering these teams with the digital R&D and specialized computing capabilities helps shorten design cycles, improves product quality and performance, and brings critical innovations to market faster. Innovation leaders across industry verticals – aerospace, automotive, energy, higher education, life sciences, manufacturing, oil and gas, public sector, semiconductor, and more – depend upon Rescale to accelerate innovation and build a better future.”
Analysts forecast an annual high performance computing (HPC) market spend of more than $60 billion by 2025 with HPC cloud showing an anticipated compound annual growth rate of nearly 80 percent. Many workloads in the overall scientific research and development category – estimated at $185 billion in 2020 and mostly still conducted solely in on-premises data centers – also benefit from the advantages of hybrid cloud computing made possible by Rescale.
“By choosing Rescale as our strategic cloud partner for digital R&D, Vertical Aerospace has dramatically increased engineering efficiency and accelerated new product commercialization without compromising quality or safety,” said Madhu Bhabuta CIO, Vertical Aerospace. “The reduction in turnaround time Rescale’s offerings resulted in, have enabled us to execute around four times as many aircraft envelope calculations as we work to fine tune our flight models within the same amount of time as before. Additionally, we have been able to run other simulation programs using their vast array of optimised core-architectures that have also seen similar degrees of speed up.”
Rescale’s increasing investments in its intelligent hybrid cloud computing platform power an increasingly compelling data-driven network effect as customer adoption and market opportunity grows rapidly over the next decade. Through leveraging the meta-data from millions of unique workloads, tens of thousands of applications, and hundreds of different compute architectures, Rescale helps ensure the optimal recommendations to ensure optimal performance for its customers.
“Computational science and engineering is foundational to the innovations our society will depend upon over the next decade in energy, life sciences, manufacturing, and transportation,” said Wolfgang Seibold, Partner & CFO at Hitachi Ventures. “The core software and algorithms used across these industries are compute-bound, tying the pace of innovation to the pace of computation. Rescale liberates innovators to create the next greatest ideas.”
Trained on billions of computational core hours, Rescale’s intelligent recommendation engine for computation capability becomes increasingly important and valuable for enterprise customers because the landscape of compute architecture choices is increasing exponentially, cloud economics are changing quickly, and new customer use-cases are adopted daily. The increase in complexity of algorithms such as those in AI and machine learning combined with the rapid adoption of computational science and engineering in all major industries make Rescale’s platform an increasingly critical asset for the future of enterprise computing.
Since its most recent February funding round, Rescale has quickly added over a hundred new customers and expanded its software catalog to over 800 applications. Rescale’s pioneering cloud platform continues to attract investor interest from a wide range of funders, including software giants such as Microsoft, global infrastructure system and solutions conglomerates Hitachi and Samsung, and accelerated-computing pioneer NVIDIA.
“Just as Snowflake disrupted the mature on-premises $25+ billion data warehouse market with a cloud-first solution, Rescale is analogously redefining the value proposition and economics of computational science & engineering, unlocking new capabilities for its customers by dramatically boosting mission-critical software performance in the enterprise,” said Lorenzo Thione, Managing Director, Gaingels.
Rescale (@rescaleinc) is the leading intelligent computing platform for digital R&D. With AI-enabled automation, Rescale empowers organizations to achieve engineering breakthroughs faster and more efficiently through automation, performance optimization, and R&D collaboration. Over 400 customers from startups to Fortune 50 enterprises use Rescale to accelerate design cycles and commercialize new product innovations. Rescale empowers scientists and engineers outcome-based SLA’s, while providing enterprise IT & HPC teams policy-based security and control on their cloud infrastructure of choice.