Woofun AI reports that open-source model tool Ollama has closed a $65 million Series B funding round. Theory Ventures led the investment, with participation from Benchmark, 8VC, and Y Combinator, raising Ollama's cumulative funding to $88 million.

The capital will support local and cloud hybrid inference, immediate support for new models, and team cloud services. Ollama currently serves 8.9 million developers and is utilized by 85% of Fortune 500 companies, with cloud token usage doubling monthly.