AI chip developer Tenstorrent has efficiently closed a $100 million strategic financing up-round, co-led by Hyundai Motor Group and the Samsung Catalyst Fund. The funding spherical was introduced on August 3, 2023, and consists of participation from different traders similar to Constancy Ventures, Eclipse Ventures, Maverick Capital, and extra.
Tenstorrent, headquartered in Toronto, Canada, with international places of work in varied places, focuses on promoting AI processors and licensing AI and RISC-V IP to clients who want to personal and customise their silicon. The corporate’s CEO, Jim Keller, has beforehand developed AI chips for main tech corporations like Apple, Intel, and Tesla.
The funding particulars reveal that $30 million got here from Hyundai, $20 million from Kia, and $50 million from the Catalyst Fund by Samsung and different collaborating traders. The funds might be used to “speed up the corporate’s product growth, the design and growth of AI chiplets,” and additional developments in its machine studying software program roadmap.
Heung-soo Kim, Government Vice President and Head of the World Technique Workplace at Hyundai Motor Group, commented on the funding, stating that the Group expects to “develop optimized however differentiated semiconductor know-how that may assist future mobilities and strengthen inside capabilities in AI know-how growth.”
The funding comes at a time when builders are competing with Nvidia, the present market chief in AI chip growth. The rising demand for high-powered semiconductor chips to develop AI programs has led to elevated competitors available in the market, with corporations like AMD additionally saying particulars of forthcoming AI chips.
Tenstorrent’s collaboration with {industry} giants like Hyundai and Samsung highlights the rising curiosity in AI know-how and the potential for innovation within the discipline. The funding additionally aligns with Hyundai Motor Group’s aggressive adoption of know-how, together with their acquisition of Boston Dynamics and three way partnership with Aptiv.
Samsung Catalyst Fund’s EVP, Marco Chisari, expressed pleasure in regards to the alternative to work with Tenstorrent, stating that the corporate’s “industry-leading know-how, government management, and aggressive roadmap motivated us to co-lead this funding spherical.”
The strategic funding in Tenstorrent is indicative of a broader pattern within the automotive and electronics industries, the place AI and semiconductor applied sciences are enjoying a pivotal position in shaping the way forward for mobility and computing. The collaboration between Tenstorrent, Hyundai, and Samsung could pave the best way for brand spanking new developments in AI know-how, positioning them as key gamers within the quickly evolving panorama of synthetic intelligence and machine studying.
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