Lightning AI merges with Voltage Park, valuation exceeds $2.5 billions

Artificial intelligence startup Lightning AI has merged with computing power provider Voltage Park. The merged company will be named Lightning AI, with a valuation exceeding $2.5 billion and annual recurring revenue surpassing $500 million. Lightning AI is the developer of the open-source tool PyTorch Lightning. Voltage Park was established with $900 million in funding from the nonprofit Navigation Fund, founded by Ripple co-founder and Mt. Gox co-founder Jed McCaleb, and manages over 35,000 Nvidia GPUs. After the merger, Jed McCaleb's fund, Navigation Fund, will hold a significant equity stake in the new company.