Ollama announced a $65 million Series B round on July 9, 2026, bringing its total capital raised to $88 million. The round was led by Theory Ventures and followed a $15 million Series A led by Benchmark’s Peter Fenton. Founded in 2023, Ollama enables developers to run open‑weight AI models on personal computers within minutes. The platform has accumulated 176,000 stars and 17,000 forks on GitHub. Developers can access a catalog of models through Ollama’s neocloud, with subscription options ranging from free to $100 per month, and usage is measured by GPU time rather than token limits. CEO Jeff Morgan and co‑founder Michael Chiang previously built Docker Desktop and Kitematic, which Docker acquired. Ollama reports that more than 8.9 million developers use the service each month, present in 85 percent of Fortune 500 companies, and operates with a staff of 14. Morgan said the company’s mission remains to help programmers discover and run models, noting that large open models are often too big to run locally and require external compute. Fenton, who joined the board with the Series A, said the success of Docker demonstrates the potential for a developer‑focused product to achieve widespread adoption, and that open and closed AI models can coexist commercially. Fenton added that companies with high inference costs are moving toward open‑weight models, while closed models such as Anthropic are used for specific tasks. Since OpenClaw’s rise in January, the industry has seen increased interest in open models capable of agentic tasks such as coding, prompting Ollama’s cloud expansion. Some observers have criticized Ollama’s shift to a paid cloud service, describing it as part of a broader trend of commercialization that may dilute the original free project. Morgan emphasized that the desktop version of Ollama remains unchanged and that the cloud offering is an extension of the open‑source mission. Fenton reiterated that the core free product continues to serve as the primary way developers discover and run local models. The funding round underscores growing venture capital interest in open‑source AI infrastructure, and Ollama plans to expand its cloud capabilities while maintaining its free desktop tool.