AI hardware startup Tenstorrent has raised nearly $700 million in new funding.
Tenstorrent has raised $693 million in a Series D round, valuing the company at more than $2.6 billion, Bloomberg first reported. The round was led by Samsung Securities and AFW Partners. Other investors include Hyundai and Jeff Bezos' Bezos Expeditions.
The Toronto-based company said it will use the capital to expand its engineering team and build an artificial intelligence training server to demonstrate its technology. Renowned microprocessor engineer and Tenstorrent CEO Jim Keller told Bloomberg that the company plans to release a new AI processor every two years and has customer commitments totaling nearly $150 million. he said.
Tenstorrent was founded in 2016 and is one of many startups currently competing to chip away at Nvidia's dominant AI chip market share. Other AI chip startups include Axelera, Etched, and Groq.