Ollama, the developer platform for open AI models, announced that it has raised $65 million in Series B funding led by Theory Ventures, with participation from Benchmark, 8VC, Y Combinator, Pace Capital, 49 Palms, GTMFund, and other investors and angel backers. The latest financing brings the company’s total funding to $88 million. Benchmark previously led Ollama’s Series A round, and Benchmark General Partner Peter Fenton serves on the company’s board.
Founded by Jeffrey Morgan and Michael Chiang, Ollama has become one of the largest platforms for developers working with open AI models. The company enables developers to run models locally on their own hardware with a single command while also allowing them to seamlessly scale workloads to Ollama’s cloud infrastructure without changing APIs or workflows.
The company said its platform is now used by 8.9 million developers and supports more than 67,000 community-built integrations. Ollama also said its software is used within 85% of Fortune 500 companies, including organizations operating in highly regulated sectors such as healthcare, finance, and government.
A key differentiator for Ollama is its hybrid deployment model. Developers can run AI models locally for low-latency tasks and privacy-sensitive workloads, then automatically leverage cloud-based models when additional computing power is needed. The company emphasized that it does not train on customer data, and when models are run locally, data never leaves a user’s device.
Ollama has also built partnerships across the open AI ecosystem. The company provides early access to models from organizations including Meta, Google DeepMind, Mistral, and MiniMax, while working closely with hardware providers such as NVIDIA, Intel, AMD, and Qualcomm to optimize performance.
The company said growth has accelerated significantly in 2026, with its developer base doubling since January and nearly one million new installs being added each week. Many users are adopting Ollama to power AI coding assistants, autonomous agents, document workflows, and other AI-driven applications.
The new funding will be used to continue investing in Ollama’s platform, expand its open-source developer community, increase its cloud computing infrastructure, and hire additional talent as demand for open AI models continues to grow.
KEY QUOTES:
“Open models should be easy to run, easy to build with, and available wherever people need them — on your own machine, in the cloud, or both. Ollama started as an open-source project, and has since grown into a community of millions of developers. Everything we do next is in service of that community and their best work. The future of AI is open models running everywhere work gets done — and Ollama is here to power this shift.”
Jeffrey Morgan, CEO and Co-Founder of Ollama
“Every era of computing has had a platform layer that everything else plugs into. As open models close the gap for most real work, the platform where AI runs becomes one of the most valuable positions in software. That market is expanding fast: AI is making software creation more accessible, and every professional can now build their own workflows and tools. Jeff and Michael recognized that shift early on, and built Ollama to meet those people where they already work.”
Tomasz Tunguz, General Partner at Theory Ventures
“Open-weight models will generate the supermajority of tokens within the next 18 to 24 months. The Ollama team saw this inevitability early — and understood the needs it would create for developers looking to discover, experiment with, and ultimately run these models at scale. They’ve already attracted millions of builders, and this is still just the beginning.”
Peter Fenton, General Partner at Benchmark
