Nvidia, a leading manufacturer of high-performance graphics processing units (GPUs), has significantly increased its investment activity in technology startups, particularly those focused on artificial intelligence. The company's financial growth, driven by the demand for its hardware in the AI sector, has enabled it to expand its role from a supplier to a major venture capital investor, shaping the future of the AI ecosystem.
Key Takeaways
- Nvidia participated in 50 venture capital deals in the first half of 2025, exceeding the 48 deals made in all of 2024.
- The company's formal venture fund, NVentures, also increased its deal-making pace, with 21 investments in 2025 compared to one in 2022.
- Investments span a wide range of AI applications, including large language models, robotics, autonomous driving, and healthcare.
- Major funding rounds with Nvidia's participation include investments in OpenAI, xAI, Mistral AI, and Figure AI.
A Strategic Shift to Venture Capital
The widespread adoption of generative AI, following the launch of services like ChatGPT, has led to a surge in Nvidia's revenue and market valuation. This financial success has allowed the company to adopt a more aggressive investment strategy. According to data from PitchBook, Nvidia's direct participation in venture deals has grown substantially.
By mid-2025, the company had already been involved in 50 separate funding rounds, surpassing its total of 48 deals for the entire previous year. This figure does not include the activities of its dedicated corporate venture capital arm, NVentures, which has also seen a dramatic increase in activity.
The Role of NVentures
NVentures, Nvidia's formal venture fund, has escalated its investment pace significantly. PitchBook data shows the fund participated in 21 deals in 2025, a substantial rise from just one deal recorded in 2022. This demonstrates a formal commitment to fostering the AI ecosystem beyond simple hardware sales.
Nvidia has publicly stated that its investment goal is to support startups it identifies as potential "game changers and market makers." This strategy aims to expand the overall AI market, which in turn creates more demand for its core GPU products.
Investments Exceeding One Billion Dollars
Nvidia has participated in some of the largest funding rounds in the technology sector, backing companies that are developing foundational AI models and infrastructure. These nine- and ten-figure investments highlight the company's influence in the market.
Major AI Model Developers
Several leading AI research labs and model developers have received substantial funding with Nvidia's involvement.
- OpenAI: In October 2024, Nvidia invested a reported $100 million in the creator of ChatGPT as part of a $6.6 billion round, valuing OpenAI at $157 billion.
- xAI: Nvidia participated in a $6 billion funding round for Elon Musk's xAI in December 2024. Reports also suggest Nvidia will invest up to $2 billion in a future round to help xAI acquire more Nvidia hardware.
- Mistral AI: The French-based large language model developer raised approximately $2 billion (€1.7 billion) in September, with Nvidia participating for the third time. The round valued Mistral AI at $13.5 billion.
- Reflection AI: In October, Nvidia led a $2 billion funding round for this one-year-old startup, which is developing open-source models as an alternative to closed-source systems.
Pioneering AI and Robotics Companies
Beyond language models, Nvidia has backed startups in robotics, autonomous systems, and specialized AI research.
- Thinking Machines Lab: This new AI startup, founded by former OpenAI CTO Mira Murati, secured a $2 billion seed round with Nvidia as a backer, valuing the company at $12 billion.
- Wayve: The UK-based autonomous driving startup raised $1.05 billion in May 2024, with Nvidia participating. An additional $500 million investment from Nvidia is expected.
- Figure AI: Nvidia has invested twice in the humanoid robotics company. Its participation in a Series C round of over $1 billion in September helped value Figure AI at $39 billion.
- Scale AI: In May 2024, Nvidia joined other tech giants to invest $1 billion in Scale AI, a company specializing in data labeling for training AI models, valuing it at nearly $14 billion.
An Unusual Outcome for Inflection
In June 2023, Nvidia was a lead investor in Inflection's $1.3 billion round. Less than a year later, Microsoft hired Inflection's founders and licensed its technology for $620 million, altering the startup's original trajectory and demonstrating the fast-moving nature of the AI talent market.
Funding the Broader AI Ecosystem
Nvidia's investment strategy extends beyond the most prominent AI labs to include companies building critical infrastructure and specialized applications. These investments, often in the hundreds of millions, support the foundational layers of the AI industry.
Data Centers and Cloud Infrastructure
A significant portion of Nvidia's investments targets companies that build or provide the physical infrastructure needed to run large-scale AI models.
- Nscale: This data center startup, which is building facilities for OpenAI's Stargate project, received funding from Nvidia in a $433 million SAFE round in October.
- Crusoe: A company building data centers for major cloud providers raised $686 million in November 2024, with Nvidia listed among the investors.
- Lambda: An AI cloud provider that rents servers powered by Nvidia GPUs, Lambda raised $480 million in February with Nvidia's participation.
- CoreWeave: Nvidia invested in this GPU-cloud provider in April 2023 when it was still a private company and remains a significant shareholder.
- Firmus Technologies: The Singapore-based data center company received approximately $215 million in September from a group of investors including Nvidia to build an energy-efficient 'AI factory' in Tasmania.
Specialized AI and Energy Startups
The company's portfolio also includes startups in diverse fields such as energy, enterprise software, and AI-powered search.
"The goal of our corporate investing is to expand the AI ecosystem by backing startups we consider to be game changers and market makers," Nvidia has stated, explaining its broad investment thesis.
- Commonwealth Fusion: Nvidia participated in an $863 million funding round in August 2025 for the nuclear fusion energy startup.
- Cohere: An enterprise-focused AI model provider, Cohere closed a $500 million Series D in August with Nvidia's backing.
- Perplexity: Nvidia has invested in multiple rounds for the AI search engine startup, including a $500 million round in December 2024.
- Poolside: An AI coding assistant startup, Poolside raised $500 million in October 2024 in a round that included Nvidia.
Strategic Investments in Foundational Technology
Nvidia also makes smaller, yet highly strategic, investments in companies developing fundamental technologies that could enhance the performance and efficiency of future AI systems. These rounds, typically between $100 million and $200 million, focus on hardware, software, and specialized AI applications.
Hardware and Chip Technology
To support its own hardware dominance, Nvidia invests in companies creating complementary technologies.
- Ayar Labs: Nvidia has invested three times in this company, which develops optical interconnects to improve AI computing speed and power efficiency. The latest round was for $155 million in December.
- Enfabrica: A designer of networking chips, Enfabrica raised $125 million in a Series B round in September 2023 with participation from Nvidia.
AI for Specific Industries
Nvidia is also backing startups that apply AI to solve problems in specific sectors, such as healthcare, transportation, and media.
- Hippocratic AI: This startup raised $141 million in January to develop large language models for non-diagnostic healthcare tasks.
- Waabi: An autonomous trucking startup, Waabi raised a $200 million Series B in June 2024 from investors including Nvidia, Uber, and Volvo.
- Runway: A developer of generative AI models for media production, Runway's $308 million round in April included an investment from Nvidia.
- Kore.ai: The company, which develops AI chatbots for enterprises, raised $150 million in December 2023 with Nvidia as a backer.
Through this extensive and diverse investment portfolio, Nvidia is not just selling the tools for the AI revolution; it is actively funding and directing its course, ensuring its central role in the technology's long-term development.