Nebius, the artificial intelligence infrastructure group that was formed from Yandex’s operations outside Russia earlier this year, has raised $700mn from investors including chipmaker Nvidia to capitalise on exploding demand for AI data centres.

AI infrastructure player Nebius Group is raising $700 million through a private placement from a group of investors that includes Nvidia. Nebius stock jumped on the news. The Netherlands-based Nebius Group said in a news release that the funding will support additional capacity for its plan to offer cloud-based computing power for training and running AI models.

AI infrastructure firm Nebius Group on Monday said it was raising $700 million in a private placement from investors including Nvidia , Accel and some accounts managed by Orbis Investments.

Nebius Group NV, the technology company rebranded from Russian internet giant Yandex, has raised $700 million from a slate of investors including Nvidia Corp. and Accel Partners LP.