Pittsburgh’s Petuum Expands, Raises $93 Million and Aims to Hire 120 People

by on March 5, 2018

Pittsburgh-based software infrastructure and ecosystem provider, Petuum, is expanding after raising $93 million in a recent investment round. The two-year-old, early-stage tech company – whose machine learning platform is providing companies across various industries and sizes a way to create artificial intelligence (AI) products – has plans to quadruple the size of its operations and add 120 employees by the end of 2018.

Petuum’s CEO Eric Xing believes Pittsburgh is the perfect place to grow, particularly with the engineering talent coming out of its nearby institutions like Carnegie Mellon University and the University of Pittsburgh. “Engineers here are highly efficient and their work ethic and loyalty is just unbelievable. Plus, for many people in Pittsburgh’s tech ecosystem, the city’s quality of life – from housing costs to healthcare accessibility to the food scene – makes it an attractive place to work and live.”

Read more

Read more economic development news via our March 2018 PRA Post, the region’s premier economic development newsletter.