Tenstorrent has raised $693 million in a 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’ Bezos Expeditions.
The Toronto-based company said it plans to use the capital to develop its engineering team and build artificial intelligence training servers to demonstrate its technology. Jim Keller, a well-known microprocessor engineer and CEO of Tenstorrent, told Bloomberg that the company plans to release a new AI processor every two years and has already signed contracts with customers totaling about $150 million.
Tenstorrent was founded in 2016 and is one of many startups in the current race for the dominant market share of Nvidia’s AI chips. Other AI chip startups include Axelera, Etched, and Groq.
