Torus, a Utah-based energy-storage startup, said it raised $500 million in a Series C round to launch Foundry, a shipping container-sized product that combines batteries with artificial-intelligence computing and is positioned as a modular AI data center.
The Series C was led by Magnetar, with participation from Iconiq Capital, Origin Ventures and Trinity Capital, the company said. The funds will support manufacturing of the Foundry product, and Torus said AI infrastructure firm Hydra Host is among its customers.
Modular AI data center strategy with Foundry
Founder and Chief Executive Officer Nate Walkingshaw said in an interview the computing containers can be installed at businesses or factories where grids have excess power capacity, helping avoid expensive infrastructure upgrades that put pressure on utility bills. The units, which specialize in AI inference tasks, range in size from one to 20 megawatts and can be installed within four months, he said.
The product launch arrives as U.S. data-center developers race to secure enough power to run energy-intensive AI applications. Developers seeking to build sprawling campuses that can draw as much electricity as a city face the prospect of greater scrutiny and longer timelines in states including Texas and Ohio, where Democrats who campaigned for tighter restrictions on data centers won governors’ races in last week’s midterm elections.
Torus has been selling modular battery systems that help businesses and factories manage their energy use and reduce power bills. “The Foundry product is our version of a distributed data-center approach to move the chips to the power that’s already there,” Walkingshaw said.
