Nvidia's NVentures: 21 Deals in 2023 Fuel AI Ecosystem Expansion
In 2023 Nvidia seemed to go all-in on startup investing. Its NVentures arm closed 21 deals, PitchBook shows, a jump from just one investment the year before. The chipmaker appears to be betting that early-stage AI firms could become the next big players.
Among the companies it backed are groups working on generative AI, robotics, health-tech and even climate solutions. Corporate venture capital usually serves a strategic purpose, so it’s natural to wonder how much sway Nvidia might gain over the market. By spreading money across so many AI corners, the firm is not only funding new ideas but also weaving a web of partners that rely on its GPUs and software stack.
That network could end up shaping which technologies survive. It’s hard to say exactly how this will play out, but the sheer size of the spend suggests Nvidia thinks these emerging fields will be crucial to its growth for years to come.
(PitchBook says NVentures engaged in 21 deals this year, compared to just one in 2022.) Nvidia has stated that the goal of its corporate investing is to expand the AI ecosystem by backing startups it considers to be “game changers and market makers.” Below is a list of startups that raised rounds exceeding $100 million since 2023 where Nvidia is a named participant, organized from the highest to lowest amount raised in the round. This list shows just how far and wide Nvidia has spread its tentacles in the tech industry, beyond supplying its products. The billion-dollar-round club OpenAI: Nvidia backed the ChatGPT maker for the first time in October 2024, reportedly writing a $100 million check as part of a colossal $6.6 billion round that valued the company at $157 billion.
The chipmaker’s investment was dwarfed by OpenAI’s other backers, notably Thrive, which according to the New York Times invested $1.3 billion. While PitchBook data indicates Nvidia did not participate in OpenAI’s $40 billion funding round that closed in March, the chipmaker announced in September that it would invest up to $100 billion in the company over time, structured as a strategic partnership to deploy massive AI infrastructure.
Seeing Nvidia go from a lone strategic bet in 2022 to a slate of 21 deals last year feels like a pretty big change in direction. It isn’t just about spending cash - the company seems to be trying to shape the next wave of AI itself. By putting money behind everything from core models to business-level apps, Nvidia hopes the tools it builds will become even harder to live without.
That’s the idea behind the NVentures push, but it also puts the chipmaker in a tricky spot. On one hand, the funding can spark real innovation; on the other, being both a supplier and an investor raises obvious questions about how much sway it might have and whether any conflicts will surface. In the end, we’ll probably judge the plan not only by the profit it brings, but by whether the startups it backs can grow on their own or end up locked into Nvidia’s own tech orbit.
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Common Questions Answered
How many deals did Nvidia's NVentures complete in 2023 compared to 2022?
According to PitchBook data, Nvidia's NVentures participated in 21 funding deals in 2023, which is a stark increase from the single investment it made in 2022. This dramatic acceleration signals a profound strategic shift for the company.
What is the stated goal of Nvidia's corporate investing through NVentures?
Nvidia has stated that the goal of its corporate investing is to expand the AI ecosystem by backing startups it considers to be 'game changers and market makers.' This strategic deployment of capital is part of a broader plan to cultivate and shape the future of artificial intelligence.
What does Nvidia's increased investment activity in 2023 signify for its corporate strategy?
The aggressive pivot to 21 deals in 2023 from just one in 2022 signifies a profound shift in Nvidia's corporate strategy beyond mere financial deployment. It represents an attempt to architect the next generation of the AI industry and create a self-reinforcing cycle where its hardware becomes more indispensable.