The company this week announced that it has entered into definitive agreements for a $700 million private placement financing from a group of institutional and accredited investors, including participation from private equity firm Accel, Nvidia, and certain accounts managed by Orbis Investments.

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

Nebius is an Amsterdam-based company that originally functioned as the parent organization of Russian search engine Yandex. It went public on the Nasdaq in 2011 and was suspended from the stock exchange last year.

Nvidia (NVDA), along with other investors are looking to invest in the $700M private placement financing round by Nebius (NASDAQ:NBIS). Shares in NBIS rose 15% in premarket trade. Nebius added the financing also includes the participation from Accel,