AI chipmaker Tenstorrent secures over $693M in Series D funding

Tenstorrent, a company that specializes in artificial intelligence (AI) computing, has successfully raised over $693 million in a Series D funding round, achieving a pre-money valuation of $2 billion. The funding round was led by Samsung Securities (KS:016360 ) and AFW Partners, with significant oversubscription indicating robust investor interest.

The investment round included a mix of financial and strategic investors, as well as prominent individuals. Among the participants were XTX Markets, Corner Capital, MESH, Export Development Canada, Healthcare of Ontario Pension Plan, LG Electronics, Hyundai Motor (OTC:HYMTF ) Group, Fidelity, Baillie Gifford, and Bezos Expeditions.

Keith Witek, Chief Operating Officer of Tenstorrent, expressed enthusiasm about the diverse group of investors backing the company's vision for AI. He highlighted the company's commercial traction, evidenced by approximately $150 million in closed deals, as a strong indication of the market opportunity.

Tenstorrent's product offerings include AI computers powered by its proprietary Tensix cores. The company distinguishes itself with open-source software stacks and also licenses AI and RISC-V intellectual property, allowing customers to customize their own silicon solutions.

The newly acquired funds from the Series D round are earmarked for several growth initiatives. Tenstorrent plans to develop open-source AI software stacks, recruit additional developers, expand its global development and design centers, and construct systems and clouds tailored for AI developers.

Jim Keller, CEO of Tenstorrent, praised the investors for their support and shared their interest in the company's open-source software approach. Bonil Koo, Managing Director at AFW Partners, emphasized Tenstorrent's market momentum, innovative technology, and open-source software as key factors for their investment decision.

Joshua Leahy, Chief Technology Officer at XTX Markets, also voiced support for Tenstorrent's open-source strategy in the AI accelerator space.

Tenstorrent, headquartered in North America, operates across multiple global locations including Toronto, Austin, Silicon Valley, Belgrade, Tokyo, Bangalore, Singapore, and Seoul. The company is recognized for its expertise in AI software, computer architecture, silicon design, and advanced systems, and is supported by investors such as Eclipse Ventures and Real Ventures. Further information about Tenstorrent can be found on their website.

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Source: Investing.com