Rack-scale cloud compute company Oxide Computer Co. has raised $200m in a new funding round.

As first reported by Axios, the funding comes less than a year after Oxide secured $100 million in its Series B round.

According to Axios, and citing Oxide founders Steve Tuck and Bryan Cantrill as its source, the round was led by the US Innovative Technology Fund (USIT).

Tuck told the publication that the funding round would be used to help the company scale and to meet the growing customer demand for "cloud ownership."

The company has since confirmed the funding in a blog post, which noted that it didn't "need" the raise.

"We weren’t seeking it, really. But our investors, seeing the business take off, were eager to support it. And we, in turn, were eager to have them: they were the ones, after all, who joined us in taking a real leap when it felt like there was a lot more risk on the table. They understood our vision for the company and shared our love for customers and our desire to build a singular team. They had been with us in some difficult moments; they know and trust us, as do we them. So being able to raise a Series C purely from our existing investors presented a real opportunity."

Oxide additionally stated that they do not intend to be acquired by a larger company, unlike other "promising startups that succumbed."

"Our intent in starting Oxide was not to be an acquisition target but rather [to] build a generational company; this is our life’s work, not a means to an end. With our Series C, customers don’t have to merely take our word for it: we have the capital to assure our survival into the indefinite future."

Oxide launched in 2019, announcing its on-prem cloud computing rack system in November 2023.

The company's product brings up to 64 servers to a single rack, each of which has a 64-core CPU from AMD and 1.09 terabytes of RAM and 64 terabytes of flash storage. The company claims its system can be up and running in around two hours and can offer a "private cloud" experience through its Helios operating system.

With the $200 million now under its belt, Oxide has raised $378 million across four funding rounds to date.

Known customers of the Oxide Cloud Computer include CoreSite, the Lawrence Livermore National Laboratory, and Switch.