AMD (AMD.US) subsidiary Venture Capital AMD Ventures and hedge fund LuminArx Capital Management led a $0.333 billion financing round for cloud provider Vultr, increasing the latter's Company Valuation to $3.5 billion.

Vultr stated that the funding will be used for international expansion. The company currently has 32 Datacenter locations, most of which are outside North America.

Founded in 2014, Vultr is known as a low-cost virtual server provider that offers GPUs from AMD and competitor Nvidia. There is high demand due to the booming development of artificial intelligence.