Zyphra is raising $500 million in a Series B funding round. The investment expects to value the San Francisco-based startup at $5 billion or more. Chipmaker AMD is reportedly participating as an investor.
Zyphra develops open-weight AI models exclusively on AMD hardware. The company positions itself as a strategic alternative to Nvidia’s market dominance. Its operations include a research lab and Zyphra Cloud, which provides computing capacity to other AI labs.
This round follows a previous $110 million raise at a $1 billion valuation.