Fly.io, a technology startup that provides public cloud infrastructure for developers, recently announced that it has secured $70 million in a Series C funding round led by EQT Ventures. The funding round values the company at $467 million. Existing investors, including Andreessen Horowitz, Dell Technologies Capital, and Intel Capital, also participated in the round.
EQT Ventures, a prominent venture capital firm, expressed its excitement about Fly.io's potential. Laura Yao, a partner at EQT Ventures, stated, "It really feels like a lot of developers and increasingly, enterprises, are tired of public cloud hegemony and are ready for a breath of fresh air, which I think Fly really offers."
Fly.io operates data centers in 37 regions worldwide and plans to utilize the new funding to invest in graphics processing units (GPUs). GPUs are essential components of artificial intelligence infrastructure, as they can handle multiple data simultaneously. Fly.io intends to partner with chip giant Nvidia Corp to offer this crucial hardware.
The company, led by co-founder and CEO Kurt Mackey, stated that it expects to reach profitability within approximately 18 months. It also plans to increase its workforce from around 70 employees to 120 during that period. Mackey emphasized that the company has focused on building a reliable infrastructure, which has allowed them to have more control over pricing and profitability compared to relying solely on public cloud providers like Google or AWS.
Fly.io serves a variety of customers, including Walmart Labs, Fanatics Inc., Cars.com Inc., and Supabase. By operating its infrastructure, Fly.io aims to provide developers and enterprises with alternative options outside the domination of traditional public cloud providers.
As the demand for cloud infrastructure continues to grow, Fly.io's unique approach and investment in GPU technology are expected to strengthen its position in the market. The funding raised in this latest round will propel the company's expansion plans and enable it to remain competitive in offering scalable and reliable cloud solutions for its customers.