Atreides Management, Index Ventures, and TCV led the round at a $17.5 billion valuation
Fireworks hits $1b ARR as enterprises increasingly build specialized intelligence on open models
Fireworks’ growth accelerates as companies look beyond expensive closed models from frontier labs and move to building specialized AI that can better reflect the knowledge, workflows, and customer context unique to their businesses
SAN MATEO, Calif.--(BUSINESS WIRE)-- Fireworks, the platform for specialized intelligence, enabling companies like Uber and Shopify to train and serve custom models, today announced a $1.505 billion Series D round at a $17.5 billion valuation. The round was led by Atreides Management, Index Ventures, and TCV, with participation from existing investors Evantic, Lightspeed Venture Partners, and NVIDIA.
The funding comes as Fireworks surpasses $1 billion in annualized revenue run rate, up 5x year-over-year from its last funding round. Over the same period, the company nearly tripled the daily volume of tokens served on its platform, from 15 trillion to more than 40 trillion. The company’s growth reflects how AI strategies are maturing as companies increasingly complement frontier closed models with open models customized for their own data, workflows, and use cases.
“There are two paths forward for AI. In one, intelligence belongs to a few big labs, and everyone else rents it. In the other, every company in the world builds specialized intelligence of its own, shaped by the domain only it understands. We are building towards the second,” said Lin Qiao, co-founder and CEO of Fireworks. “Every company holds knowledge no one else has: its data, its workflows, its customers, its definition of quality. Fireworks turns that knowledge into specialized intelligence they own and can keep improving, giving every company the infrastructure to build, serve, and scale the models that matter most to their business.”
As open models improve, more companies are looking beyond off-the-shelf frontier models and asking how AI can better reflect the knowledge, workflows, and customer context unique to their business. Today, 95% of tokens served through Fireworks are from models that have been specialized. Fireworks provides the training and inference tools to customize open models on customers’ proprietary data, creating specialized intelligence that can match or outperform general closed models on the tasks that matter most, while running faster and at significantly lower cost.
“Fireworks has assembled one of the most elite and technical teams in AI, paired with technology that consistently sets the pace for the industry and commercial momentum that very few companies have ever achieved at this scale,” said Gavin Baker, CIO and Managing Partner at Atreides Management. “We believe both frontier and open models will increasingly be used together. With a differentiated platform used and trusted by enterprises to train, customize, and serve open models in production, Fireworks is exceptionally well-positioned to unlock the value of specialized intelligence built on proprietary data and workflows.”
Fireworks offers more than 200 models across text, image, and multimodal formats, with support for major new open releases within hours of launch.
Fireworks will use the new funding to continue expanding its engineering team and global compute capacity to meet skyrocketing enterprise demand, and deepen partnerships with cloud partners like Microsoft and NVIDIA. Fireworks Series D funding comes from 20VC, Atreides Management, Bessemer Venture Partners, Evantic Capital, Index Ventures, Insight Partners, Lone Pine Capital, Lightspeed Venture Partners, Menlo Ventures, NVIDIA, Operator Collective, Ontario Teachers’ Pension Plan, Original Capital, Prysm Capital, Quantum Capital, TCV, and TIME Ventures.
About Fireworks
Fireworks is the platform for specialized intelligence, enabling companies such as Doximity, Revolut, and Shopify to train and serve models tailored to their own data, workflows, and use cases. Founded by the team behind PyTorch, and backed by AMD, Atreides, Benchmark Capital, Index Ventures, Lightspeed, NVIDIA, Sequoia Capital, and TCV, Fireworks provides hundreds of state-of-the-art open models in text, image, embedding, and multimodal formats globally.
Contacts
Press Contact: Isaac Sherbin, Director of Communications, press@fireworks.ai
Originally published on Business Wire.