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Here’s an interesting dynamic in the AI arms race: one of the startups trying to compete with Nvidia in AI infrastructure already counts Nvidia’s venture arm as a backer. Emerald AI, founded in 2024 by Varun Sivaram, is reportedly looking to raise approximately $100 million in a new funding round that could push its valuation past the $1 billion mark.
The company builds AI compute orchestration software designed to transform traditional data centers into flexible energy assets that play nicely with power grids.
The power problem nobody can ignore
Emerald AI’s software sits on top of the hardware layer, orchestrating how data centers consume and distribute energy, enabling AI facilities to adjust their energy consumption based on real-time grid conditions.
The company is already collaborating with Nvidia on several projects, including the 96 MW Aurora data center deployment. The two companies have also worked together on reference designs for grid-friendly AI factories announced in 2026.
NVentures, Nvidia’s venture capital arm, participated in Emerald AI’s earlier funding rounds.
Funding trajectory and valuation
Emerald AI has raised approximately $68 million to $75 million in total funding to date. That includes a $24.5 million seed round closed in July 2025, just one year after the company’s founding, followed by a $25 million strategic round in March 2026.
The company’s focus is squarely on energy management and orchestration, with no involvement of crypto tokens or blockchain technology in their offerings.
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