Nvidia among investors in $700 million capital raise by AI firm Nebius Group
Accel and some accounts managed by Orbis Investments.
Nebius, which emerged in July following a $5.4 billion deal to split the domestic and international assets of Russian internet giant Yandex, is joining a drive to build the infrastructure underpinning artificial intelligence.
Nebius was founded by Arkady Volozh, former founder and CEO of Yandex. Trading in Nasdaq-listed Yandex was suspended soon after Russia's invasion of Ukraine, with Nebius eventually reviving the listing as part of the asset split.
Volozh said the $700 million financing would give Nebius additional firepower to build clusters of graphics processing units (GPUs), cloud platforms and other tools for AI developers faster and on a larger scale.
Nebius has so far committed to investing $1 billion by mid-2025, but Volozh said the company could end up investing more.
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