Canadian AI hardware startup Tenstorrent recently announced that it has successfully completed a financing round of nearly $700 million. This round raised a total of $693 million, bringing Tenstorrent's valuation to over $2.6 billion. The financing was led by Samsung Securities and AFW Partners, with other investors including Hyundai Motor and Jeff Bezos's investment firm, Bezos Expeditions.
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Tenstorrent stated that the funds will primarily be used to expand its engineering team and build AI training servers to showcase its technological capabilities. The company's CEO, Jim Keller, mentioned that they plan to launch a new AI processor every two years and have already signed customer contracts totaling nearly $150 million.
Founded in 2016, Tenstorrent is competing with several startups to challenge Nvidia's dominance in the AI chip market. With the rapid development of AI technology, many emerging companies are entering this field, eager to share in the opportunities. Other competitors of Tenstorrent include Axelera, Etched, and Groq.
Through this financing, Tenstorrent will not only enhance its R&D capabilities but also secure a more advantageous position in the AI hardware market to challenge industry giants.
Key Highlights:
🌟 Tenstorrent raises nearly $700 million, valuation exceeds $2.6 billion.
🤖 Funds will be used to expand the engineering team and build AI training servers.
💼 The company plans to launch a new AI processor every two years and has signed $150 million in customer contracts.
