Theory Ventures leads $65M Series B
Ollama has raised a $65M Series B, lifting total funding to $88M for the Palo Alto, California-based open-model platform.
Theory Ventures led the round. Benchmark, 8VC, Y Combinator, Pace Capital, 49 Palms, GTMFund and other investors and angels also joined.
Benchmark led Ollama’s Series A. Peter Fenton joined the board after that earlier round.
Ollama says 8.9 million developers now use its platform, making it the largest developer network in the open-model ecosystem.
85% of the Fortune 500
The company reports more than 67,000 integrations. It also says customers use Ollama within 85% of the Fortune 500.
Those users include organisations in government, healthcare and finance. According to Ollama, those sectors value privacy and compliance controls.
With one command, developers can run an open model on their own hardware. After that, they can scale to larger models in Ollama’s cloud.
If a machine is powerful enough, Ollama runs the model locally. If not, the cloud version keeps the same experience with no new account, API or configuration.
As a result, Ollama says developers can cut per-token AI costs for quick, low-latency tasks and heavier workloads.
When a model runs locally, data stays on the user’s machine. Ollama also says it does not train on user data.
Because of that setup, regulated industries can keep sensitive work closer to home. The company also says businesses can still access larger cloud models when needed.
On GitHub, the community has built more than 67,000 integrations for coding agents, personal assistants and document workflows.
Meanwhile, Ollama has partnerships with model labs including Meta, Google DeepMind, Mistral and MiniMax.
The platform also works with hardware companies such as NVIDIA, Intel, AMD and Qualcomm. Following those tie-ups, users get day-zero access to new models and faster performance through deeper hardware integration.
Jeffrey Morgan, Ollama’s CEO and co-founder, said open models should be easy to run and build with on a local machine, in the cloud or in both places.
“Ollama started as an open-source project, and has since grown into a community of millions of developers,” Morgan said.
Theory Ventures partner Tomasz Tunguz backed the round. He said the platform layer where AI runs is becoming one of the most valuable parts of software as open models improve.
