Our $100M Series B / Oxide

We don’t want to bury the lede: we have raised a $100M Series B, led by a new strategic partner in USIT with participation from all existing Oxide investors. To put that number in perspective: over the nearly six year lifetime of the company, we have raised $89M; our $100M Series B more than doubles our total capital raised to date — and positions us to make Oxide the generational company that we have always aspired it to be.

If this aspiration seems heady now, it seemed absolutely outlandish when we were first raising venture capital in 2019. Our thesis was that cloud computing was the future of all computing; that running on-premises would remain (or become!) strategically important for many; that the entire stack — hardware and software — needed to be rethought from first principles to serve this market; and that a large, durable, public company could be built by whomever pulled it off.

This scope wasn’t immediately clear to all potential investors, some of whom seemed to latch on to one aspect or another without understanding the whole. Their objections were revealing: "We know you can build this," began more than one venture capitalist (at which we bit our tongue; were we not properly explaining what we intended to build?!), "but we don’t think that there is a market."

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