Cloud data storage and management platform SwiftStack announced Thursday that it had agreed to be acquired by graphics processing and artificial intelligence (AI) specialist NVIDIA (NASDAQ:NVDA). SwiftStack offers cloud storage capabilities that are already deeply embedded with NVIDIA's DGX server and supercomputer, which are specifically built to accelerate AI applications, helping to support large-scale AI and machine learning deployments.
The terms of the deal were not disclosed, but in three previous funding rounds, SwiftStack had raised $23.6 million from the likes of Mayfield Fund, OpenView Venture Partners, Storm Ventures, and UMC Capital. The deal is expected to close in the coming weeks.
The company joined NVIDIA's partner network in mid-2019 as a solution provider for AI and machine learning. SwiftStack helps its customers get the most out of data analytics, AI, and high-performance computing. Its technology can be deployed not only in clients' core systems, but also in the cloud and "at the edge," allowing real-time, on-site data processing. Its solutions are being used in a variety of applications including those in the supercomputing, internet, automotive, and media industries.
The company boasts such high-profile companies as PayPal, Verizon, Cisco Systems, Copart, and eBay among its customers. Its technology is also used internally at NVIDIA.
Joe Arnold, SwiftStack's co-founder and chief product officer said in a press release, "Building AI supercomputers is exciting to the entire SwiftStack team. We couldn't be more thrilled to work with the talented folks at NVIDIA and look forward to contributing to its world-leading accelerated computing solutions."