July 20, 2024

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Nvidia Agrees to Buy Software Startup Shoreline

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(Bloomberg) — Nvidia Corp. has agreed to buy Shoreline.io, a startup for software developers founded by a former Amazon Web Services executive, people familiar with the matter said.

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The deal was struck recently and values Shoreline at about $100 million, according to the people, who asked not to be identified because the matter is private.

Representatives for Nvidia and Shoreline declined to comment.

Based in Redwood City, California, Shoreline makes software that looks for problems and incidents in computer systems and helps automate processes to fix them. The company was founded in 2019 by Anurag Gupta, who previously spent about eight years at AWS.

Nvidia has become the most valuable company in the world by making itself central to the build-out of computer systems needed to create and run artificial intelligence software. It has been gobbling up startups but doesn’t always disclose acquisitions that aren’t material to it as a company with a $3.3 trillion market value.

Nvidia has been adding new capabilities including software, networking and pretrained AI models to make it easier for a broader audience to adopt technology. It also wants to diversify revenue away from a heavy reliance on the likes of Microsoft Corp. and Amazon.com Inc., which dominate the cloud computing industry and through which Nvidia works with corporations.

Shoreline has raised roughly $57 million and is backed by investors including Dawn Capital, Insight Partners and Canvas Ventures, according to data provider PitchBook.

(Updates with Shoreline response in third paragraph.)

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2024-06-18 15:11:53

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