San Jose-based GPU cloud company Lambda has raised $320 million in a Series C funding round, catapulting its valuation to over $1.5 billion. The investment round was spearheaded by US Innovative Technology, led by Thomas Tull.

Participating investors included B Capital, SK Telecom, and T. Rowe Price Associates, with continued support from Crescent Cove and Mercato Partners. Lambda is set to accelerate its growth and expand its cloud services with these newly secured funds.