Hardware startup Tenstorrent raises over $200 million in funding, claims $1 billion valuation
Tenstorrent, a Toronto-based startup that develops computing hardware for artificial intelligence applications, has raised over $200 million in funding, which the company reported brings its valuation to $1 billion.
The investment was led by Fidelity Management and Research Company, with participation from Eclipse Ventures, Epic CG, and Moore Capital. Real Ventures, an existing investor, also participated in this round. Reports from TechSpot and Private Capital Journal classified the $200 million as Tenstorrent’s Series C round of funding.
Tenstorrent has developed a computer processing chip, called Grayskull, that is designed for machine learning platforms. The Grayskull chip has 120 processors called “Tensix” cores that make the chips suitable for deep learning forms of AI. The company plans to bring Grayskull to market later this year.
“Our goal is to continue creating AI-focused hardware for developers,” said Ljubisa Bajic, Tenstorrent’s CEO. “Having a great investor like Fidelity is going to help us build a sustainable company for the long term.”
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