Artificial intelligence and cloud startup Vercel has raised $300 million in a new funding round led by Accel and Singapore’s sovereign wealth fund GIC Pte, boosting its valuation to $9.3 billion, the company announced Tuesday.
The round also attracted participation from investors including BlackRock Inc., StepStone, Khosla Ventures, Schroders, Adams Street Partners, and General Catalyst. In addition, Vercel is conducting a tender offer allowing some early investors and employees to sell approximately $300 million in shares.
Vercel, which develops tools to help companies build web and AI applications in the cloud, has seen growing interest from investors and customers as AI adoption accelerates across industries. The announcement confirms Bloomberg’s earlier reporting on the company’s valuation.
“Vercel has been the best place to build web applications for a decade, and as AI fundamentally changes what applications look like, we’ve built the infrastructure to match that reality,” Chief Executive Officer Guillermo Rauch said in a statement.
The startup plans to use the new funding to expand its AI Cloud platform and further develop its AI development agent, v0, which currently has more than 3.5 million unique users. Vercel counts major companies such as Adobe Inc., OpenAI, and Stripe Inc. among its customers.
Vercel is also growing its executive team, adding leaders from Stripe, Capital One Financial Corp., and HashiCorp Inc., the company said.
