AI startup Modular raises $250 million in funding, challenging Nvidia’s AI software dominance. Led by U.S. Innovative Technology fund, the round valued Modular at $1.6 billion. Founded in 2022 by Apple and Google engineers, Modular offers a platform for AI developers to run applications across various chips without rewriting code. Nvidia controls 80% of the high-end AI chip market with its CUDA software. Modular plans to sell software directly to enterprises and through revenue-sharing partnerships with cloud providers. Investors see Modular as the “VMware for the AI era”, enabling multi-vendor AI hardware solutions. The company will use funds to expand engineering, go-to-market team, and enter the AI training market.

Read more at Yahoo Finance: AI startup Modular raises $250 million, seeks to challenge Nvidia dominance