Fireworks AI is preparing to raise a C round, which will increase the startup's capitalization to $4 billion. Among the founders are two Ukrainians, Dmytro Dzhulhakov and Dmytro Ivchenko.
Fireworks AI is preparing to raise a C round, which will increase the startup's capitalization to $4 billion. Among the founders are two Ukrainians, Dmytro Dzhuhlakov and Dmytro Ivchenko.
This was reported by Scroll.media with references to Andriy Brodetsky, Private Equity Associate at the Horizon Capital investment fund .
Fireworks AI was founded in 2022 as a business focused on efficiently training and running AI models. The company's solutions helped Quora's chatbot triple its response speed.
Among the founders of the company is Lin Qiao, who has worked at IBM, LinkedIn, and Meta. Fireworks AI also has Dmytro Dzhulgakov, a native of Kharkiv, who has worked at Facebook since 2011. In recent years, he has worked with Lin Qiao on the PyTorch project, a popular library for working with deep learning. Dmytro Ivchenko graduated from the Igor Sikorsky Kyiv Polytechnic Institute, after which he also moved to the USA, managed to work at LinkedIn, and in recent years at Meta, where he was also part of the PyTorch team.
In March 2024, Fireworks AI raised $25 million in a Series A round, and in July $52 million in a Series B round. After these rounds, the company's valuation grew to $552 million.
According to Andriy Brodetsky, Fireworks AI has $130 million in revenue (ARR), 20x year-over-year growth, and $80 million in profits.
Recall that the Swedish EdTech startup with Ukrainian roots memoryOS, which creates an application to improve memory, announced that it has attracted investments from Flyer One Ventures, SID Venture Partners, Vesna Capital, Angel One, as well as business angel Anthony Brenninkmeier.
