VirtAI Closes Multi-million US$ Series B Round

16 July, 2021

The startup is a Gobi portfolio company; the firm invested in the company’s Pre-Series A round

On July 12, VirtAI Technology Co., Ltd. announced that it had closed its Series B round, securing multi-million dollars in funding. The round was led by Prosperity7 Ventures, a diversified venture capital fund under Amarco Ventures; Vision Knight Capital and Shenzhen Zhaoyin Dianxin Equity Investment Fund Management Co. also participated in the round, and Index Capital served as the company’s exclusive financial advisor. VirtAI will be using the funds to further develop its customer service system, increase research and development efforts (R&D), and accelerate production.

Founded in 2019, VirtAI is focused on building an efficient AI computing resource pool that helps customers improve how they use AI, reduce their total cost of ownership (TCO) and optimize the efficiency of their algorithm engineers. The company’s flagship product, OrionX, is an enterprise software system that provides Graphics Processing Unit (GPU) resource pooling and GPU virtualization capabilities for AI applications in Cloud or data centers, as well as Compute Unified Device Architecture (CUDA) applications.

VirtAI uses software to define computing power in contrast to the traditional method of building the architecture of AI apps, which requires a physical GPU. Not only can this support the virtualization of local computing power, it can also break the physical boundaries of resource scheduling, and allows users’ applications to use remote computing resources in a transparent manner on other physical machines without modifying the code, thus achieving near-zero performance loss. Data center-level computing resources pool management and flexible scheduling can also in turn improve the usage rate and flexibility of the entire resource pool.

VirtAI’s OrionX software is already being used by many leading companies across the Internet, Finance, Telecommunications, and Higher Education industries. It has been successfully integrated into the operating systems of notable customers such as China Mobile Migu Company, Ctrip, the Institute of Interdisciplinary Information Core Technology, and many clients of Purple Mountain Laboratories have also become customers of VirtAI. In addition, the company has established working partnerships with vendors such as AWS; DaoCloud; Dell EMC; iFlytek, Inspur Electronic Information Industry; Rancher, and QingCloud.

In April 2021, VirtAI jointly announced its partnership with Northwestern Polytechnical University (NWPU); NWPU will be utilizing the OrionX software to help its School of Computer Science to build a university data center-level AI accelerator resource pool – effectively enabling the rapid allocation and recycling, flexible and on-demand scheduling, and the dynamic adjustment – of GPU resources.

Subsequently in May, VirtAI and the Alan Turing Institute established an AI computing power resource pooling laboratory, which will promote the research and collation of software-defined computing power and other technologies. This project will continue to promote the virtualization of AI computing and further the research being done on resource pooling systems; it will also be developing a software-defined computing power system that will be suitable for use with AI applications across a variety of industries.

The lead investor of this round, Prosperity7 Ventures, is a diversified growth fund under Aramco Ventures, a world-leading integrated energy and chemicals company. The Fund invests globally and has a long-term investment focus on major technology enhancements, as well as business transformation and innovations that yield positive impact. With the support of Prosperity7 Ventures, VirtAI’s products and technical capabilities will be further recognized globally and paves the way for VirtAI to expand overseas. The company will continue to improve its software, hardware, and business operations for its Chinese customers, while simultaneously scaling to other markets and building value for customers outside of China.

Aysar Tayeb, the Executive Managing Director of Prosperity7 Ventures said, “AI is one of the key sectors that we focus on at P7 Ventures. The pooling of computing power resources is the foundation for many AI applications. In this AI-drive digital age, efficient computing power resource pools can help companies achieve better performance. We have long been committed to finding a leading company in this space with the capabilities to produce breakthrough technology, and we believe that VirtAI has a technical advantage in this field; we also admire the team’s professionalism. As such, Prosperity7 is very happy to be supporting the company in their scaling and commercialization efforts, and I believe that they are ready to expand beyond the Chinese market.”


 

About the Author: Vanessa Lai, PR and Creative Intern

Vanessa Lai is a part of Gobi’s Internship Program based in Hong Kong, where she carries out public relations and creative functions with a Greater Bay Area focus. She is a published author and graduate of the University of Toronto with a B.A. (Hons) in Communications, IT and Professional Writing. 

About Gobi Partners

Gobi Partners is one of the longest-standing venture capital firms with a Pan-Asian presence across North Asia, South Asia, and ASEAN with over US$1.1 billion in assets under management (AUM). The firm, headquartered in Kuala Lumpur and Shanghai, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.

Founded in 2002, Gobi has raised 13 funds to date, invested in over 270 startups, and has grown to 13 locations, across Bangkok, Beijing, Dubai, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, and Singapore.

As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption, and take actions that advance societal goals.

 

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