Nebius Group is raising $700 million in a private placement from investors, including Nvidia, to build the infrastructure underpinning AI.

The funding is expected to aid Nebius in expanding the clusters of GPUs, cloud platforms and other tools for AI developers.

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AI infrastructure firm Nebius Group has secured $700 million in a private funding round led by investors such as Nvidia, Accel, and Orbis Investments. The financing marks a critical milestone for the company,

AI infrastructure firm Nebius Group on Monday said it was raising $700 million in a private placement from investors including Nvidia , Accel and some accounts managed by Orbis Investments.

Nebius, the artificial intelligence infrastructure group that was formed from Yandex’s operations outside Russia earlier this year, has raised $700mn from investors including chipmaker Nvidia to capitalise on exploding demand for AI data centres.