Together AI × Emergence
When we first invested in Together AI in 2023, enterprises wanted to train and run AI models on their own terms. The existing stack was too fragmented, too expensive, and too dependent on closed systems. Our view was that the future of enterprise AI would not be built on a single model or provider. Companies would use many models in concert, each customized for the job at hand. Together was building the platform for that future.
Today, AI applications are moving into core workflows. Enterprises are deploying agents that write code, resolve customer issues, analyze documents, and automate tasks across the business. But as usage grows, so does cost.
Together is carving a more efficient path: open and custom models with frontier performance, greater control, and better economics. The company just announced an $800M Series C at an $8.3B valuation, and Emergence is proud to continue our support.
Why we’re doubling down: Together now serves thousands of paying customers, including many of the world’s fastest-growing AI companies like Cursor, Cognition, Decagon, ElevenLabs, and Suno. Annual bookings crossed $1.15B last quarter, and customers are seeing 6x to 60x cost savings compared to closed-model pricing for equal or better performance.
What we’re watching: Whether cost limits the next wave of AI adoption. Enterprises are weaving AI into more daily processes, but risk having to ration usage or sacrifice margins. Scaling without that tradeoff requires infrastructure that makes high-quality AI economically sustainable. That is where Together is well positioned.
Together has become the production platform for open-source AI. The team has the research depth, customer traction, and execution velocity to lead the market’s next phase.
— Joe Floyd, General Partner
Read about our first investment in Together AI here.
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