Ollama, the popular open source AI developer tool, has raised a $65 million Series B led by Theory Ventures, following a $15 million Series A led by Benchmark’s Peter Fenton, bringing total funding to $88 million. Launched in 2023, Ollama helps developers run open-weight AI models on their PCs in minutes and has amassed 176,000 stars and nearly 17,000 forks on GitHub. It offers subscription tiers from free to $100/month and tracks usage based on GPU time. Founder and CEO Jeff Morgan stated that Ollama is now used by over 8.9 million developers every month, sitting in 85% of the Fortune 500, with only 14 employees. Morgan and co-founder Michael Chiang previously helped build Docker Desktop. Morgan noted that the proving point for Ollama as a business occurred around January when OpenClaw became hot, as larger open models suddenly became able to perform agentic tasks like coding. Fenton, who led the earlier round, said the creative powers to create a product that goes to ubiquity for developers is extremely rare. Morgan and Fenton declined to discuss revenues and new valuation.