VC fundraising for cloud infrastructure companies
Cloud infrastructure VC has been reshaped by the AI capex cycle. Capital flows heavily into GPU and AI-cloud operators, sovereign cloud build-outs and niche providers serving regulated buyers. The investor base now includes infrastructure-focused funds, deep-tech investors and a small set of generalists with conviction in capital-intensive plays.
Investors are infrastructure-specialist seed and growth funds, deep-tech generalists with conviction in capital-intensive plays, and corporate venture arms attached to the cloud, telecom and chip majors - Nvidia, Intel Capital and similar arms invest in adjacent infrastructure. Flow has direct relationships across the infrastructure specialists, deep-tech generalists and the cloud and chip CVCs that back the category.
Flow has experience running VC fundraising processes for cloud infrastructure companies across hyperscale-adjacent IaaS, GPU and AI cloud, niche and sovereign cloud, container and Kubernetes platforms, and storage and CDN infrastructure. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Cloud infrastructure" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Consumption revenue
Contracted backlog (RPO)
Capacity utilisation
Net retention
Gross margin
GPU / compute density
Reserved vs on-demand mix
Capex / revenue
Customer concentration
Time to provision
Cloud infrastructure valuations in May 2026
Public cloud infrastructure comps trade at 3.1x EV/Revenue. Median revenue multiple across cloud infrastructure VC rounds was 33x in the last 12 months.
3.1x
Median EV/Revenue as of May 2026 for public cloud infrastructure companies
12x
Alphabet is the highest valued public cloud infrastructure company based on EV/Revenue (excluding outliers)
2.5x
Median EV/Revenue across cloud infrastructure M&A deals in the last 12 months
33x
Median EV/Revenue across cloud infrastructure VC rounds in the last 12 months
Key recent cloud infrastructure VC rounds
$4.0B Undisclosed stage raised by Databricks was the largest cloud infrastructure VC round completed in the last six months.
See all cloud infrastructure VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Databricks |  | Databricks is a San Francisco-headquartered cloud platform unifying data engineering, analytics, and AI on a lakehouse architecture. Founded in 2013, it supports Delta Lake for reliable data lakes, MLflow for machine learning lifecycle management, and Unity Catalog for governance across workspaces. The platform powers ETL pipelines, serverless SQL warehouses, and generative AI model deployment for enterprises worldwide, including integrations with AWS, Azure, and Google Cloud. | BlackstoneCoatue+9 | $4.0B | $134B | Undisclosed stage | |
Mar-26 | Nscale |  | Nscale is a Helsinki-headquartered provider of GPU cloud infrastructure optimized for AI workloads. The platform delivers serverless inference endpoints, on-demand training clusters, and bare metal GPU servers for model fine-tuning and deployment. Its private cloud environments support sovereign data processing requirements. Nscale operates Tier 3 data centers in Boden, Sweden, powered entirely by renewable hydroelectric energy from the Pite River. The company integrates a marketplace for pre-configured AI tools and autoscaling solutions. Launched in 2023, Nscale partners with NVIDIA to offer DGX SuperPOD-ready configurations for enterprise-scale generative AI applications. | 8090 IndustriesAker+9 | $2.0B | $15B | Series C | |
Jan-26 | GDS Holdings |  | GDS Holdings started as an IT service provider in 2001 then moved to the data center business with its first self-developed data center opening in 2010. The company now develops and operates data centers in China and also builds, operates and transfers data centers for other clients. It offers colocation and managed services and mainly targets hyperscale cloud service customers who take large areas of its data centers or even whole data centers under long-term contracts. Its data centers are located predominantly in and around the Tier 1 cities in China and it has also started an expanding into Southeast Asia via the now 38% owned DayOne. GDS listed on the Nasdaq in 2016 and completed a secondary listing in Hong Kong in 2020. | CoatueIndonesia Investment authority | $2.0B | $10B | Series C | |
Jan-26 | F | Fluidstack | | FluidStack delivers a leading AI cloud platform with supercomputing infrastructure for AI labs, governments, and enterprises, serving clients like Mistral, Meta, and Black Forest Labs. | - | $450M | $7.0B | Undisclosed stage |
Jan-26 | Baseten | | Baseten is a serverless infrastructure platform for deploying machine learning models with autoscaling GPUs, cron scheduling, and vector databases. San Francisco-headquartered and founded in 2021, it supports PyTorch and TensorFlow runtimes, powering real-time inference for 1,000+ ML teams at Fortune 500 firms. Integrations include Pinecone for RAG and LangChain for agentic workflows. | CapitalGIVP+1 | $300M | $5.0B | Undisclosed stage | |
Dec-25 | Eon | | Eon is a provider of enterprise backup and recovery software featuring automatic data mapping and classification for cloud resources. The platform focuses on backup posture management, indexing storage to prioritize critical information. Designed for businesses, it operates via cloud-based tools that enhance data efficiency and operational resilience across hybrid environments. | BondGil Capital+5 | $300M | $4.0B | Series D | |
Dec-25 | Harness | | Harness is a San Francisco-headquartered continuous delivery platform for DevOps teams deploying applications on cloud infrastructures. The service automates verification pipelines, selective testing, change impact analysis, and cloud cost optimization for Kubernetes and Amazon ECS environments. Founded in 2016, Harness supports enterprises like Intuit and Porsche in accelerating software releases with built-in security scans and rollback mechanisms. Its agentless architecture integrates with GitHub, Jenkins, and major cloud providers. | Goldman Sachs | $200M | $5.5B | Series E | |
Mar-26 | Starcloud | | Starcloud is a U.S.-based venture developing orbital data centers powered by space-based solar energy. The company plans megawatt-scale facilities scalable to gigawatts, leveraging vacuum cooling and low-latency satellite links for hyperscale computing. Headquartered in Los Angeles, Starcloud collaborates with launch providers like SpaceX to deploy modules via Falcon 9 rockets. Founded in 2022, it targets AI and cloud providers seeking cost reductions from space's unlimited sunlight and radiation-hardened infrastructure. | Macquarie CapitalY Combinator+10 | $170M | $1.1B | Series A | |
Jan-26 | Defense Unicorns | | Defense Unicorns is an Austin, Texas-headquartered software firm building open-source platforms for US national security. Its UMA (Unicorn Management Architecture) enables continuous integration/deployment of mission apps in air-gapped DoD networks, supporting Kubernetes on classified clouds like IL5. Adopted by US Air Force for ABMS and JADC2 programs, the technology deploys AI models at tactical edges. Founded in 2020 by ex-Palantir engineers, Defense Unicorns collaborates with AWS GovCloud and holds CMMC Level 3 certification. | Ansa CapitalAVP+5 | $136M | $1.0B | Series B | |
Mar-26 | ScaleOps | | ScaleOps is an automation platform for Kubernetes clusters that adjusts CPU and memory allocations in real-time based on application metrics. It integrates with Prometheus and Datadog to predict demand spikes and scale pods across AWS EKS, Google GKE, and Azure AKS. The Tel Aviv-based service cuts cloud bills by 40 to 70 percent through vertical autoscaling and idle resource reclamation. ScaleOps ensures high availability by preventing over-provisioning during traffic surges in production workloads. | Glilot Capital PartnersJerry Murdock+3 | $130M | $800M | Series C | |
Apr-26 | Verda |  | Verda is a cloud infrastructure provider optimized for AI workloads with GPU-accelerated resources. Based in the United States, it supplies virtual machines, bare metal servers, instant Kubernetes clusters, and high-performance block storage. Verda's platform caters to machine learning training and inference needs of AI developers and enterprises. | byFoundersLifeline Ventures+2 | $116M | - | Undisclosed stage | |
Jan-26 | Tiandun Data | | Tiandun Data is a leading provider of intelligent computing infrastructure in China, operating high-performance platforms for industry digital transformation. | Futian Investment Holdings | $115M | $288M | Seed | |
May-26 | Deep Infra | | Deep Infra is a serverless platform headquartered in San Francisco that hosts cost-effective machine learning inference for deep learning models. Users access optimized deployments of models like Meta Llama-3 via API on a pay-per-use basis. It supports scalable GPU resources for applications in natural language processing and computer vision across global data centers. | 500 GlobalA.Capital Ventures+9 | $107M | - | Series B | |
Feb-26 | Render | | Render is a San Francisco-headquartered cloud platform for developers to deploy static sites, web apps, and APIs without server management. It supports Docker containers, Ruby, Node.js, Python, and Go runtimes with automatic scaling and global CDN distribution. Render integrates with GitHub for preview environments and Postgres databases, serving teams at companies like Replit and Vercel alternatives. The platform processes millions of deployments monthly across data centers in the United States and Europe. | 01 AdvisorsAddition+3 | $100M | $1.5B | Series C | |
Mar-26 | SherWeb | | SherWeb is a cloud services provider offering Microsoft-based hosting solutions. Quebec City-headquartered since 1998, it delivers hosted Exchange, SharePoint, Dynamics CRM, and BlackBerry Enterprise Server to partners worldwide. The privately held company enables resellers to offer email, collaboration, and web hosting across more than 100 countries. | Investissement Quebec | $92M | - | Undisclosed stage |
VC investors active in cloud infrastructure
Y Combinator is the most active VC investor across cloud infrastructure, having invested in 40 startups in the last three years.
See all cloud infrastructure VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ArchilProjectXStarcloud+2 | 40 | Pre-seed | |
Sequoia Capital | | Sequoia Capital is a venture capital firm headquartered in Menlo Park, California, with operations in the United States, China, India, and Southeast Asia. Founded in 1972, it invests in seed through growth-stage companies across sectors like consumer internet, enterprise software, healthcare, and semiconductors. The firm has backed transformative businesses including Apple, Google, WhatsApp, Airbnb, Stripe, NVIDIA, and DoorDash, achieving landmark returns from initial public offerings and acquisitions. Sequoia Capital maintains separate funds for U.S., China, and India ecosystems, supporting founders in building enduring technology leaders. | EonInfracostFireworks AI+2 | 23 | Series A | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | JuliaHubNativeSlide+2 | 16 | Series B | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | TangledNetBirdYasu+2 | 15 | Pre-seed | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | InfracostConvexFriendliAI+2 | 13 | Seed | |
NVIDIA | | Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads. | Deep InfraNscaleBaseten+2 | 12 | Series B | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | ConvexTigris DataDatabricks+2 | 11 | Series A | |
Felicis | | Felicis is a Menlo Park-headquartered venture capital firm managing $3.4 billion across multiple funds. The firm invests in early-stage companies in AI, machine learning, biotech, and enterprise software, with notable portfolio exits including Canva and Opendoor. Backing over 100 startups since 2007, Felicis supports teams through talent networks and operational resources, achieving top-quartile returns in enterprise and healthtech verticals. | Deep InfraDepotPoly+2 | 11 | Seed | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | EonFireworks AICato Networks+2 | 11 | Series A | |
Insight Partners | | Insight Partners is a New York-headquartered global venture capital and private equity firm specializing in software investments. The firm targets high-growth companies in enterprise software, SaaS, fintech, cybersecurity, and healthcare IT sectors. It provides capital, operational support, and talent placement to portfolio companies spanning seed through late-stage growth. Notable investments include DocuSign, Shopify, and Recorded Future. With offices across North America, Europe, Israel, and Asia, Insight Partners manages a diverse portfolio exceeding 800 companies. Founded in 1995, the firm emphasizes scaling businesses through dedicated teams for go-to-market strategies and mergers. | DatabricksE2BIsland+2 | 9 | Series C |
Founders and investors we've worked with
We've supported winning builders across cloud infrastructure and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
See moreRecent VC fundraising track record
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