Tenstorrent, an artificial intelligence (AI) chip-making startup, has secured more than $693m in its Series D funding round to bolster AI expansion.
Samsung Securities and AFW Partners led the oversubscribed funding round, through which the company achieved a pre-money valuation of $2bn.
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In addition to the lead investors, the funding round saw participation from investors including Baillie Gifford, Bezos Expeditions, Corner Capital, Export Development Canada, Fidelity Management & Research Company, Healthcare of Ontario Pension Plan, Hyundai Motor Group, LG Electronics, MESH, XTX Markets and others.
Tenstorrent chief operating officer Keith Witek said: “We are excited by the breadth of investors that believe in our vision. If you look at this group, you see a balance of financial investors and strategic investors, as well as some notable individuals that have conviction in our plans for AI.
“They respect our team, our technology, and our vision. They see the [approximately] $150m in deals closed as a strong signal of commercial traction and opportunity in the market.”
The Series D funding will be utilised to enhance open-source AI software stacks, hire developers, expand global development and design centres, and build systems and clouds for AI developers.
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By GlobalDataTenstorrent CEO Jim Keller said; “During the fundraising process I was impressed by how interested our investors were in our open-source approach to software. They realise that the way to win is to get developers on board by giving them all the tools they need to own their own technology. “
Tenstorrent specialises in building computers for AI using its Tensix cores.
The company distinguishes itself with its open-source software stacks, which offer a unique advantage in the market.
Additionally, Tenstorrent licenses AI and RISC-V intellectual property to clients seeking to customise their silicon.
Headquartered in North America, Tenstorrent has locations in Toronto, Austin, and Silicon Valley, with global offices in Belgrade, Tokyo, Bangalore, Singapore, and Seoul.
The company brings together experts in AI software, computer architecture, silicon design, and advanced systems.
