Tenstorrent, led by Jim Keller, raises another $700 million for AI chips at a valuation of over $2 billion

Tenstorrent, led by Jim Keller, raises another 0 million for AI chips at a valuation of over  billion

Tensorrenta chip startup run by a famous semiconductor engineer Jim Kellersays it has raised greater than $693 million in Series D financing, giving it a pre-money valuation of $2 billion.

Samsung Securities AND AFW Partners led the round. Jeff BezosBezos expeditions, Fidelity Management and Research Co. AND LG electronics also joined the financing of Tenstorrent, which is expected to rival the semiconductor giant Nvidia in creating chips for AI. Canada export development, Health care under the Ontario Pension Plan, Hyundai Automotive Group, Baillie Gifford other investors also participated in the transaction.

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Headquartered in Santa Clara, California, Tenstorrent was founded in 2016 and has since raised over $1 billion, via Crunchbase.

Keller, one of the most recognized engineers in the semiconductor industry, joined company in 2021 as president and chief technology officer, and was named CEO in early 2023. Previously he worked in Intel, Tesla, Apple — where he led the development of the A4 and A5 processors that powered the iPhone 4 — and AMDwhere he was the lead architect of the K8 microarchitecture.

Bloomberg reported that Tenstorrent’s recent financing totaled $700 million and has a post-money valuation of roughly $2.6 billion.

Tensorrent says plans to make use of the recent capital to “build open-source AI software stacks, hire developers, expand its global development and design centers, and build systems and clouds for AI developers.”

The company is the latest startup at the intersection of chips and artificial intelligence to lift large amounts of money from investors this yr. Others include:

AI chip launch in March Astera’s laboratory became one of the few venture-backed startups to go public this yr. The company raised USD 713 million as part of its initial public offering on the stock exchange Nasdaq when its shares were valued at $36 each. Recently, the company’s quotations have exceeded the $100 mark.

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