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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 contains participation from different buyers akin to Constancy Ventures, Eclipse Ventures, Maverick Capital, and extra.
Tenstorrent, headquartered in Toronto, Canada, with international workplaces in varied areas, makes a speciality of 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 firms 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 taking part buyers. The funds will likely 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, Govt Vice President and Head of the International Technique Workplace at Hyundai Motor Group, commented on the funding, stating that the Group expects to “develop optimized however differentiated semiconductor know-how that can assist future mobilities and strengthen inner 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 methods has led to elevated competitors available in the market, with firms like AMD additionally asserting 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 concerning 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 function in shaping the way forward for mobility and computing. The collaboration between Tenstorrent, Hyundai, and Samsung might pave the best way for brand new developments in AI know-how, positioning them as key gamers within the quickly evolving panorama of synthetic intelligence and machine studying.
Picture supply: Shutterstock
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