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,

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

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

Nebius — the rebranded European arm of “Russia’s Google,” Yandex — is riding the AI hype wave to build technology for technologists.

Nebius Group, the technology company rebranded from Russian internet giant Yandex, has raised $700 million from a slate of investors including Nvidia and Accel Partners LP.With the

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.

AI infrastructure player Nebius Group is raising $700 million through a private placement from a group of investors that includes Nvidia. Nebius stock jumped on the news. The Netherlands-based Nebius Group said in a news release that the funding will support additional capacity for its plan to offer cloud-based computing power for training and running AI models.