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The chip giant will buy the non-exclusive right to use the San Francisco-based startup’s Model Factory platform, and will offer positions to 109 of its employees, per an investor note obtained by Newcomer. Nvidia is also investing US$1 billion in Poolside at a US$12-billion valuation before the new capital. Poolside did not respond to a request for comment. (Newcomer)
Talking point: Montreal-based Inovia Capital could be in line for a payout from the deal. It first backed Poolside during its reported US$126-million seed round in June 2023, then again at the startup’s US$500 million Series B the following October. Per its note, the firm plans to distribute some of its new Nvidia money to investors by the end of next year, at a rate of US$76.20 per share. Poolside uses its in-house Factory system to develop its own foundation models to power coding agents. It’s ultimately trying to help achieve human-like artificial general intelligence. Poolside co-CEO Jason Warner started working on the firm while based in Victoria, B.C., where he was investing for a venture firm. Unlike in tech giants’ other licensing-plus-recruitment deals, he and co-founder Eiso Kant are staying at the startup, not leaving for Nvidia.
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