Cloud hosting firm DigitalOcean acquired New York-based cloud computing and AI development startup Paperspace for $111M. Customers will be able to test, develop, and deploy AI applications once Paperspace's solutions are integrated with DigitalOcean's product suite. DigitalOcean provides online database, storage, app hosting, and other cloud services. - CEO Yancey Spruill said, "We're excited to expand our portfolio tailored to the world's small- and medium-sized (SMBs) businesses and startups with simplified AI and machine learning offerings."
- Daniel Kobran and Dillon Erb co-founded Paperspace in 2014 to provide low-cost virtual machines and high-performance workstations for cloud-powered design, visualization, and gaming.
- It pivoted into AI later, providing cloud-based AI training and hosting services.
- The firm has raised $35M to date from Battery Ventures, Intel Capital, SineWave Ventures, and Sorenson Capital.
Paperspace is DigitalOcean's fourth acquisition since its public debut in 2021. - It last acquired Pakistan-based cloud hosting service provider Cloudways for $350M.
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