Rescale, a hybrid cloud high performance computing (HPC) platform for digital R&D, has raised an additional $105 million in a Series C fundraising round. The valuation of the unicorn was not disclosed. With intelligent full-stack automation enabled by hybrid cloud’s near-infinite processing capabilities, Rescale propels research and engineering achievements.
Rescale’s investment announcement comes on the heels of a significant increase in client demand, investor interest, and market momentum, bringing the company’s total investment to over $155 million to date.
Rescale is speeding the digital transformation of the computational science and engineering field, which has traditionally been on-premises in private data centers but is fast migrating to cloud, with over 200 business clients and year-over-year revenues expanding over two times in 2021.
Existing and new investors in the company include Sam Altman, Jeff Bezos, Richard Branson, Paul Graham, Peter Thiel, Fort Ross Ventures, Gaingels, Gopher, Hitachi Ventures, Initialized Capital, Keen Venture Partners, Microsoft M12, Nautilus Venture Partners, NVIDIA, Prometheus Capital, Republic Labs, Samsung Catalyst Fund, Solasta Ventures, Yield Capital Partners, and more.
“Our customers are solving some of the world’s biggest challenges with sustainable energy solutions, computational drug discovery, and autonomous electrified transportation,” said Joris Poort, CEO and founder of Rescale. “Empowering these teams with the digital R&D and specialized computing capabilities helps shorten design cycles, improves product quality and performance, and brings critical innovations to market faster. Innovation leaders across industry verticals – aerospace, automotive, energy, higher education, life sciences, manufacturing, oil and gas, public sector, semiconductor, and more – depend upon Rescale to accelerate innovation and build a better future.”
Analysts predict that by 2025, the annual high-performance computing (HPC) industry will be worth more than $60 billion, with HPC cloud growing at a CAGR of almost 80%. Many workloads in the $185 billion scientific research and development sector, which is currently primarily handled in on-premises data centers, benefit from the advantages of hybrid cloud computing made available by Rescale.
“By choosing Rescale as our strategic cloud partner for digital R&D, Vertical Aerospace has dramatically increased engineering efficiency and accelerated new product commercialization without compromising quality or safety,” said Madhu Bhabuta CIO at Vertical Aerospace. “The reduction in turnaround time Rescale’s offerings resulted in, have enabled us to execute around four times as many aircraft envelope calculations as we work to fine tune our flight models within the same amount of time as before. Additionally, we have been able to run other simulation programs using their vast array of optimized core-architectures that have also seen similar degrees of speed up.”
Rescale’s rising investments in its intelligent hybrid cloud computing platform would generate an increasingly attractive data-driven network effect. Rescale helps assure optimal performance for its clients by utilizing meta-data from millions of unique workloads, tens of thousands of apps, and hundreds of various computing architectures.
“Computational science and engineering are foundational to the innovations our society will depend upon over the next decade in energy, life sciences, manufacturing, and transportation,” said Wolfgang Seibold, Partner & CFO at Hitachi Ventures. “The core software and algorithms used across these industries are compute-bound, tying the pace of innovation to the pace of computation. Rescale liberates innovators to create the next greatest ideas.”
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Computational Science & Engineering
As the landscape of compute architecture choices is growing exponentially, cloud economics are changing quickly, and new customer use-cases are adopted daily, Rescale’s intelligent recommendation engine for computation capability becomes increasingly important and valuable for enterprise customers, stated the company. Its platform would become an increasingly important asset for the future of corporate computing, thanks to the rising complexity of algorithms like those in AI and machine learning, as well as the increased use of computational science and engineering in all major sectors.
Rescale has swiftly recruited over a hundred new clients and grown its software inventory to over 800 apps since its most recent February fundraising round.
“Just as Snowflake disrupted the mature on-premises $25+ billion data warehouse market with a cloud-first solution, Rescale is analogously redefining the value proposition and economics of computational science & engineering,” said Lorenzo Thione, Managing Director at NYC-based venture investment group, Gaingels. “Rescale will unlock new capabilities for its customers by dramatically boosting mission-critical software performance in the enterprise.”