Other use cases include deploying Large Language Models (LLMs), fine-tuning Foundation Models, building the next ChatGPT and harnessing generative media. The New York-based startup aims to simplify the AI and ML experience, enabling easy and cost-effective experimentation and production across various use cases, such as generative media, text analysis and natural language understanding, recommendation engines and image classification. Paperspace provides cloud infrastructure as a service for highly scalable applications leveraging GPUs. In 2022, the company acquired cloud hosting service provider Cloudways for $350 million.
The Paperspace purchase marks DigitalOcean’s first acquisition this year. In 2022, DigitalOcean generated $576 million in revenue, representing an increase of 34 percent year over year. The move to acquire Paperspace comes just five months after DigitalOcean said it will lay off 11 percent of its employees, which amounted to approximately 200 employees globally.ĬRN discovered via posts on LinkedIn that layoffs hit engineers and employees working on DigitalOcean’s App Platform and Spaces offerings.Ībout half of New York-based DigitalOcean’s workforce is outside the U.S., with overseas sales making up about 70 percent of the company’s revenue.
Paperspace will remain a stand-alone business unit within DigitalOcean. “This acquisition marks a significant milestone in DigitalOcean’s journey to revolutionize how SMBs and startups harness the power of the cloud and AI/ML for their applications and businesses.” “We are excited to expand our portfolio tailored to the world’s SMBs and startups with simplified AI/ML offerings,” said DigitalOcean CEO Yancey Spruill in a statement. Paperspace provides a cloud platform for building and scaling AI applications, which DigitalOcean said it will leverage to enable customers to easily test, develop and deploy ML and AI applications, as well as utilize GPUs in ways that predominantly have been the domain of large enterprises.
DigitalOcean has acquired cloud computing startup Paperspace for $111 million in cash in a move to create new artificial intelligence and machine learning offerings for SMBs and startups.
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