Ollama Raises $65 Million Series B to Expand Local AI Platform

Ollama, the leading open-source platform for running AI models locally, secured $65 million in Series B funding led by Theory Ventures, bringing its total capital raised to $88 million. The round, announced on July 9, 2026, includes participation from major investors such as Benchmark, 8VC, and Y Combinator, reflecting strong investor confidence in the growing demand for local and enterprise-grade open-weight AI tools. This funding surge comes as Ollama expands its user base to nearly 9 million developers who rely on the platform to run AI models on their own devices without cloud dependency. The investment underscores a significant shift in the AI industry toward decentralized, privacy-focused computing solutions that empower developers and businesses to control their data and model infrastructure.