AI Chip Maker Tenstorrent Secures Over $693 Million in Series D Funding

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AI Chip Maker Tenstorrent Secures Over $693 Million in Series D Funding

Tenstorrent, a company specializing in artificial intelligence (AI) computing, has successfully raised over $693 million in its Series D funding round, reaching a pre-money valuation of $2 billion. The funding round, led by Samsung Securities and AFW Partners, witnessed significant oversubscription, reflecting strong interest from investors.

The investment round included participation from both financial and strategic investors, along with prominent individuals. Notable participants included XTX Markets, Corner Capital, MESH, Export Development Canada, Healthcare of Ontario Pension Plan, LG Electronics, Hyundai Motor Group, Fidelity, Baillie Gifford, and Bezos Expeditions.

Keith Witek, Tenstorrent's Chief Operating Officer, expressed his excitement about the diverse group of investors supporting the company's AI vision. He emphasized that the proven commercial momentum, evidenced by deals closing at approximately $150 million, is a strong indicator of market opportunity.

Tenstorrent’s product lineup features AI computers powered by the company’s proprietary Tensix cores. The company differentiates itself with open-source software stacks and also licenses AI and RISC-V intellectual property, enabling customers to customize their own silicon solutions.

The new funds raised from the Series D round are earmarked for several growth initiatives. Tenstorrent plans to develop open-source AI software stacks, hire additional developers, expand global development and design centers, and build dedicated systems and clouds for AI developers.

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

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

Headquartered in North America, Tenstorrent operates in various 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 backed by investors such as Eclipse Ventures and Real Ventures. More information about Tenstorrent can be found on the company's website.