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AI hardware startup Tenstorrent has raised nearly $700 million in new funding.
Tenstorrent has raised a $693 million Series D round that values 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 Expeditions, among others.
The Toronto-based company said it plans to use the capital to build out its engineering team and build AI training servers to demonstrate its technology. Jim Keller, noted microprocessor engineer and CEO of Tenstorrent, told Bloomberg that the company plans to release a new AI processor every two years, and has signed contracts with customers totaling about $150 million.
Founded in 2016, Tenstorrent is one of many startups in the current race to capture Nvidia’s dominant share of the AI chip market. Other AI chip startups include Axelera, Etched, Groq, and many more.
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