Upscale AI

Santa Clara, CA AI Infrastructure Private

Upscale AI is a Santa Clara, California-based AI infrastructure startup building open-standard scale-up networking for AI data centers. Founded in 2025 by Barun Kar (CEO) and Rajiv Khemani (Executive Chairman) and incubated by Auradine, it develops custom silicon, systems and software - the SkyHammer fabric - to remove interconnect bottlenecks between GPUs, memory, storage and accelerators. An early adopter of UALink, it is an open alternative to proprietary stacks such as NVIDIA's NVLink. It has raised roughly $500 million: an over-$100M seed (September 2025), a $200M Series A (January 2026) and a $190M Series A-1 (June 2026) at $2 billion.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2025

Employees

100+

Total Funding

$490M

3 rounds

Latest Valuation

$2B

Jun 22, 2026

Secondary Signals

1 signal
Fundraise Recent amount $190M; valuation $2B post; total funding $500M 2026-06-18

Closed $190M Series A-1 extension at $2B valuation, total funding now $500M

Valuation doubled from $1B to $2B, marking up existing holders' stakes

Funding

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Total raised $490M across 3 rounds

Last updated 08-13-2026

DateRoundAmount RaisedValuationLead Investors
Jun 22, 2026 Series A-1 Fortune $190M $2B Premji Invest
Jan 21, 2026 Series A Press release $200M $1B Tiger Global, Premji Invest, Xora Innovation
Sep 17, 2025 Seed Press release $100M Mayfield, Maverick Silicon

Valuation Trajectory

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

$1B $2B Upscale AI

Entry · Series A

$1B

Jan 2026

Upscale AI today

$2B

Jun 2026 · latest mark

Upscale AI multiple

2.0x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Leadership

  • Barun Kar

    Co-Founder & CEO

  • Rajiv Khemani

    Co-Founder & Executive Chairman

  • Puneet Agarwal

    Chief Technology Officer

  • Jason Ledgerwood

    Senior Vice President, Systems Engineering & Operations

  • Sharada Yeluri

    Vice President, ASIC

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • NVIDIA (NVLink / Mellanox networking)

    Dominant incumbent in scale-up GPU interconnect via proprietary NVLink/NVSwitch and Mellanox/InfiniBand networking; the primary technology Upscale's open-standard UALink approach targets to disrupt.

  • Broadcom

    Major supplier of AI networking silicon (Tomahawk/Jericho switches, Ethernet fabrics) and a key competitor in scale-up and scale-out AI data center interconnect.

  • Astera Labs

    Public AI connectivity company building PCIe, CXL, and Ethernet retimers and switches for AI infrastructure; competes on scale-up interconnect components.

  • Enfabrica

    Venture-backed AI networking startup developing accelerated compute fabric switches (ACF-S) for high-bandwidth GPU-to-GPU and GPU-to-memory connectivity.

  • Marvell Technology

    Semiconductor vendor producing custom AI silicon, optical DSPs, and switching products used in AI data center networking; competes on interconnect components and custom XPU silicon.

  • Cornelis Networks

    AI/HPC networking startup developing the Omni-Path Architecture-based CN5000 fabric for high-performance scale-out and scale-up GPU clusters.

Upscale AI Investment FAQ

Public status and buying access

No. Upscale AI is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Upscale AI shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Upscale AI will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Upscale AI shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Upscale AI shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $2B as of Jun 22, 2026. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Upscale AI was most recently valued at approximately $2B as of Jun 22, 2026. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Upscale AI's valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Upscale AI's valuation moved from approximately $1B as of Jan 21, 2026 to approximately $2B as of Jun 22, 2026. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Upscale AI's latest disclosed funding round was a Series A-1 round in Jun 22, 2026. The round raised approximately $190M at an approximately $2B valuation, with Premji Invest listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete. The latest round valuation should be confirmed before it is used as a pricing reference.

Upscale AI has raised approximately $490M in disclosed funding across 3 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Upscale AI's funding history alongside private-market activity where available.

Upscale AI's disclosed investors include Premji Invest, Tiger Global, Xora Innovation, Mayfield and Maverick Silicon. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Upscale AI's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Upscale AI's most-cited competitors include NVIDIA (NVLink / Mellanox networking), Broadcom, Astera Labs, Enfabrica, Marvell Technology and Cornelis Networks. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Upscale AI shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Upscale AI employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Upscale AI secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Upscale AI through a share transfer notice or similar process. If Upscale AI or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Upscale AI shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Upscale AI shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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