AI chip developer Tenstorrent has effectively closed a $100 million strategic financing up-round, co-led through Hyundai Motor Workforce and the Samsung Catalyst Fund. The investment around used to be introduced on August 3, 2023, and contains participation from different traders reminiscent of Constancy Ventures, Eclipse Ventures, Maverick Capital, and extra.
Tenstorrent, headquartered in Toronto, Canada, with world places of work in quite a lot of places, makes a speciality of promoting AI processors and licensing AI and RISC-V IP to consumers who need to personal and customise their silicon. The corporate’s CEO, Jim Keller, has in the past advanced AI chips for main tech firms like Apple, Intel, and Tesla.
The investment main points disclose that $30 million got here from Hyundai, $20 million from Kia, and $50 million from the Catalyst Fund through Samsung and different collaborating traders. The budget might be used to “boost up the corporate’s product building, the design and building of AI chiplets,” and extra developments in its device studying instrument roadmap.
Heung-soo Kim, Govt Vice President and Head of the International Technique Place of work at Hyundai Motor Workforce, commented at the funding, declaring that the Workforce expects to “expand optimized however differentiated semiconductor generation that can assist long run mobilities and beef up inner features in AI generation building.”
The funding comes at a time when builders are competing with Nvidia, the present marketplace chief in AI chip building. The rising call for for high-powered semiconductor chips to expand AI methods has resulted in larger pageant available in the market, with firms like AMD additionally pronouncing main points of imminent AI chips.
Tenstorrent’s collaboration with {industry} giants like Hyundai and Samsung highlights the rising hobby in AI generation and the opportunity of innovation within the box. The funding additionally aligns with Hyundai Motor Workforce’s competitive adoption of generation, together with their acquisition of Boston Dynamics and three way partnership with Aptiv.
Samsung Catalyst Fund’s EVP, Marco Chisari, expressed pleasure concerning the alternative to paintings with Tenstorrent, declaring that the corporate’s “industry-leading generation, government management, and competitive roadmap motivated us to co-lead this investment around.”
The strategic funding in Tenstorrent is indicative of a broader development within the car and electronics industries, the place AI and semiconductor applied sciences are taking part in a pivotal function in shaping the way forward for mobility and computing. The collaboration between Tenstorrent, Hyundai, and Samsung would possibly pave the way in which for brand new trends in AI generation, positioning them as key gamers within the hastily evolving panorama of synthetic intelligence and device studying.
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