AI {hardware} startup Tenstorrent raised practically $700 million in new funding.
Tenstorrent raised a $693 million Sequence D spherical that values the corporate at greater than $2.6 billion, Bloomberg first reported. The spherical was led by Samsung Securities and AFW Companions. Different traders embrace Hyundai and Jeff Bezos’ Bezos Expeditions, amongst others.
The Toronto-based firm mentioned it plans to make use of the capital to construct out its engineering staff and to construct synthetic intelligence coaching servers to show its expertise. Jim Keller, famed microprocessor engineer and Tenstorrent CEO, informed Bloomberg that the corporate plans to launch a brand new AI processor each two years and has signed buyer contracts totaling practically $150 million.
Tenstorrent was based in 2016 and is among the many startups within the present race to chip away at Nvidia’s dominant AI chip market share. Different AI chip startups embrace Axelera, Etched and Groq, amongst many others.
