AI {hardware} startup Tenstorrent raised almost $700 million in new funding.
Tenstorrent raised a $693 million Series D spherical that values the corporate at greater than $2.6 billion, Bloomberg first reported. The spherical was led by Samsung Securities and AFW Partners. Other buyers embody Hyundai and Jeff Bezos’ Bezos Expeditions, amongst others.
The Toronto-based firm stated it plans to make use of the capital to construct out its engineering workforce and to construct synthetic intelligence coaching servers to reveal its know-how. Jim Keller, famed microprocessor engineer and Tenstorrent CEO, advised Bloomberg that the corporate plans to launch a brand new AI processor each two years and has signed buyer contracts totaling almost $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. Other AI chip startups embody Axelera, Etched and Groq, amongst many others.
