AI inference startup Baseten has raised $300 million in a new funding round that doubled its valuation to $5 billion, according to reports.

The round is led by IVP and CapitalG, both doubling down on their investment in Baseten, joined by 01A, Altimeter, Battery Ventures, BOND, BoxGroup, Blackbird Ventures, Conviction, Greylock and NVIDIA.

The investment reflects Nvidia’s broader strategy to strengthen its position in AI inference, alongside moves such as licensing technology from Groq and investing heavily across the AI ecosystem. These efforts highlight the growing importance of inference infrastructure as AI applications scale.

Baseten has now raised three major rounds in the past year, following a $75 million Series C in May and a $150 million Series D in September. The company says its platform helps AI-driven businesses focus on speed and reliability by removing the complexity of managing AI infrastructure.