Technology and Science01 July, 20263 min read
Together AI Raises $800 Million Series C Led by Aramco Ventures at $8.3 Billion Valuation
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Aramco Ventures led the $800 million Series C for Together AI. Valuation post-money at $8.3 billion; investors include Vista Equity Partners, General Catalyst, Emergence, NVIDIA.
Together AI’s $800M push
Together AI announced an $800 million Series C at an $8.3 billion post-money valuation to scale its infrastructure layer for running open models at enterprise scale. The round was led by Aramco Ventures, with participation from Vista Equity Partners, General Catalyst, Emergence Capital, NVIDIA, March Capital, Pegatron, Schneider Electric's SE Ventures, Salesforce Ventures, DTCP Growth, Lux Capital, Geodesic and PSP Partners. Together AI said it secured commitments for over 500 megawatts of compute capacity, capitalized independently by investors, and expects its capacity and infrastructure footprint to grow roughly 50-fold over the next five years.
The company also said annual bookings crossed $1.15 billion last quarter and that it now serves thousands of paying customers, including Cursor, Cognition, Decagon, Eleven Labs and Suno. In its own framing, CEO and co-founder Vipul Ved Prakash said, "Our mission is to ensure that intelligence is abundant, not expensive."
Open models, cost claims
Together AI’s pitch centers on making open-source models usable at scale, with PYMNTS saying the infrastructure layer helps companies train and run workloads on open models "at a fraction of the cost" while delivering performance comparable to or better than closed models. In the company’s own materials, the savings range is presented as 6x to 20x in one place and 6x to 60x in another, with Let's Data Science noting the inconsistency between its blog post and its press release. Both sources point to Decagon as an example, with Let's Data Science saying both cite Decagon's sixfold reduction as a concrete example.
TechCrunch described Together AI as an "AI neocloud" that rents out Nvidia GPU clusters and other AI-specific infrastructure, and said the company claims annual bookings of over $1.15 billion as of its last quarter. TechCrunch also said Together AI "last raised a $305 million Series B at a $3.3 billion valuation" about 16 months ago, placing the new round in a rapid funding timeline.
Investors and infrastructure stakes
Aramco Ventures’ Prosperity7 Ventures US managing director Abhishek Shukla said in the release that the partnership is part of its effort to scale compute and capacity globally, adding that "Together AI has built the platform that makes open-source models genuinely usable at enterprise scale." Business Wire quoted Vipul Ved Prakash saying, "The future of AI won't be owned by a few companies," as Together AI positioned its Series C as a way to expand products and scale capacity and infrastructure footprint roughly 50-fold over the next five years. The Business Wire release said Together AI’s annual bookings crossed $1.15 billion last quarter and that customers report cost savings of 6x to 60x for equal or better performance, with Decagon cutting inference costs sixfold after moving to Together.
“The future of AI won't be owned by a few companies.”
TechCrunch linked the funding to demand for cheaper alternatives, saying companies are turning to neocloud providers like Together AI "rather than pay the premiums on tokens for closed frontier models" for all their AI usage. Together AI’s investor list and compute commitments underscore the bet that infrastructure—not frontier model ownership—will determine who can deploy AI at scale, with the company citing commitments for over 500 megawatts of compute capacity.