Prosperity7 Ventures, a venture capital arm of state-owned oil giant Saudi Aramco, has invested in Upscale AI.

The growth fund is among the investors that participated in the AI startup’s $200 million Series A financing led by Tiger Global, Premji Invest and Xora Innovation. The new investment brings the total funding for the California-based firm to more than $300 million.

Upscale AI seeks to revolutionise AI networking, addressing the bottleneck in communication between chips to fast-track the completion of large-scale AI-powered projects.

The fresh capital will be used to hire new staff, support a global rollout of the firm’s AI networking infrastructure and move into commercial deployment. The company plans to expand its engineering, sales and operations personnel, as products are scheduled to ship this year.

(Writing by Cleofe Maceda; editing by Seban Scaria) 
seban.scaria@lseg.com