Canada’s Tenstorrent raised $100 M in strategic upround led by Samsung and Hyundai
Tenstorrent, a Canadian chip startup, has announced that it has closed a $100 million strategic financing round, which was co-led by Samsung Catalyst Fund and Hyundai Motor Group.
Fidelity Ventures, Eclipse Ventures, Epiq Capital, Maverick Capital, and other investors also took part in the round, according to a statement released by Tenstorrent on Wednesday.
The funding, according to the statement, will be used to quicken the company’s product development, chiplet design and development, and software roadmap for machine learning (ML).
It should be noted that Tenstorrent sells artificial intelligence (AI) processors and licenses AI and RISC-V IP to clients who want to own and customize their silicon, whereas both Hyundai Motor Group and Samsung have a strong history of product leadership and enjoy tremendous success in their respective markets.
“It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us,” said Jim Keller, Chief Executive Officer of Tenstorrent.
He added that Samsung is the perfect partner to co-lead this round as they have long been a leader in the electronics sector.
Tenstorrent, a company with its headquarters in Toronto, offices in Austin, Texas, and Silicon Valley in the United States, as well as offices in Belgrade, Tokyo, and Bangalore, brings together specialists in computer architecture, ASIC design, advanced systems, and neural network compilers.
Apart from Hyundai Motor Group and Samsung Catalyst Fund, other investors in Tenstorrent include Fidelity Ventures, Eclipse Ventures, and Real Ventures.
A company that creates computers for artificial intelligence is called Tenstorrent.
“Tenstorrent’s high growth potential and high-performance AI semiconductors will help the group secure competitive technologies for future mobilities,
“With this investment, the group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development,” said Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO) at Hyundai Motor Group.
