We are thrilled by Digital Ocean’s acquisition of SineWave Ventures portfolio company, Paperspace. In many ways, this deal is a match made in heaven. We chose to invest in Paperspace because of their commitment to building a software MLOps platform to abstract away the complexities of the cloud GPU hardware platform and make it easily accessible to developers. They have executed smartly on this vision and built a robust product with strong developer support as indicated by over 500,000 members in their user base. Their developer-first focus has led to a product that enables all users, particularly small and medium business users, to readily develop, train and deploy AI applications on a GPU cloud.
Digital Ocean is a leading cloud provider for small and medium businesses and can now, with this acquisition, offer their customers support for GPU workloads, most importantly ML and AI. The increasing demand for ML/AI applications on the cloud makes Paperspace an important addition to the Digital Ocean platform. Both companies share a commitment to simplifying the user experience and to making the use of complex platforms routine. This shared interest and shared cultural values augers well for the companies’ work together.
SineWave is happy to have contributed to this success by providing strategic advice, leadership coaching, and technical guidance to Paperspace’s excellent founders, Dillon Erb and Daniel Kobran, and by advising on the hiring of key personnel.