Fireworks raised $1.505B Series D for open-model serving.

Closed July 16, led by Atreides Management with Index Ventures and TCV, per Tech Startups' roundup. The size relative to everything else funded that day is the signal. Capital is concentrating on the layer that makes bring-your-own-model viable, which is the architectural precondition for enterprises replacing vendor-locked AI features in their existing SaaS. Every dollar into open-model serving is indirectly a dollar against embedded vendor AI.