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Toronto-based AI chipmaker Tenstorrent has secured a massive $693 million Series D funding round, pushing its valuation to $2.6 billion. The round was led by Samsung Securities and AFW Partners, with significant contributions from Jeff Bezos' Bezos Expeditions, LG Electronics, and Hyundai. This substantial investment underscores the growing confidence in Tenstorrent's ability to challenge industry giant Nvidia in the rapidly expanding AI chip market. The company plans to use the funds to expand its open-source AI software stacks, bolster its hiring efforts, and build out its global development and design centers.
This latest funding follows Tenstorrent's recent relocation from Toronto to Santa Clara, California. While the company cited investor preferences and typical pre-IPO strategy as reasons for the move, they maintain a significant presence in Toronto and emphasize Canada's continued importance to their operations. The company claims to have secured nearly $150 million in contracts, further validating its technology and market positioning. Three new Canadian investors, Export Development Canada, the Healthcare of Ontario Pension Plan, and Georgian, also participated in the funding round.
Tenstorrent's strategy centers on providing more affordable and interoperable AI chips compared to Nvidia's offerings. By utilizing an open-source approach and common technologies, they aim to offer a more accessible path to AI development. The company's commitment to open-source software and the RISC-V instruction set architecture further distinguishes its approach in the competitive AI chip landscape. The success of this funding round highlights a significant investment in Tenstorrent's innovative technology and its potential to disrupt the established market dominance.
ImgSrc: i.insider.com
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This latest funding follows Tenstorrent's recent relocation from Toronto to Santa Clara, California. While the company cited investor preferences and typical pre-IPO strategy as reasons for the move, they maintain a significant presence in Toronto and emphasize Canada's continued importance to their operations. The company claims to have secured nearly $150 million in contracts, further validating its technology and market positioning. Three new Canadian investors, Export Development Canada, the Healthcare of Ontario Pension Plan, and Georgian, also participated in the funding round.
Tenstorrent's strategy centers on providing more affordable and interoperable AI chips compared to Nvidia's offerings. By utilizing an open-source approach and common technologies, they aim to offer a more accessible path to AI development. The company's commitment to open-source software and the RISC-V instruction set architecture further distinguishes its approach in the competitive AI chip landscape. The success of this funding round highlights a significant investment in Tenstorrent's innovative technology and its potential to disrupt the established market dominance.
ImgSrc: i.insider.com
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References :
- www.techmeme.com: Toronto-based AI chip designer Tenstorrent raised a $700M Series D from Jeff Bezos, Samsung, and more at a ~$2.6B valuation and claims nearly $150M in contracts (Bloomberg)
- AiThority: Tenstorrent Closes $693Million+ of Series D funding led by Samsung Securities and AFW Partners
- BetaKit: AI chipmaker Tenstorrent closes nearly $700-million USD Series D at $2.6-billion valuation
- oodaloop.com: Bezos Backs AI Chipmaker Vying With Nvidia at $2.6 Billion Value
- www.bloomberg.com: Jeff Bezos' Bezos Expeditions is among the investors in Tenstorrent's latest funding round, aiming to challenge Nvidia in the AI chip market.
- www.businessinsider.com: Samsung, Jeff Bezos, and other investors back Tenstorrent, an Nvidia rival, in a $693 million funding round.
- insidehpc.com: Tenstorrent said it closed over $693M in its Series D funding round at a pre-money valuation of $2B.
- siliconangle.com: Artificial intelligence chip making startup Tenstorrent with ambitions of taking on Nvidia Corp. today announced it closed over $693 million in funding at a pre-money valuation of $2 billion.
- Maginative: AI chip startup Tenstorrent has raised $693 million in Series D funding, positioning itself as a potential challenger to NVIDIA in the competitive AI hardware market.