Tenstorrent Secures Over $693 Million in Series D Funding, Marking a New Era in AI Innovation

Tenstorrent's Major Funding Round: What It Means for AI

In a significant move for the tech industry, Tenstorrent has announced the successful closure of its Series D funding round, raising more than $693 million. The funding round was led by prominent firms Samsung Securities and AFW Partners, reflecting a strong interest from a variety of investors chasing opportunities in the artificial intelligence sector. With a pre-money valuation set at an impressive $2 billion, this funding round not only showcases investor faith in Tenstorrent’s vision but also highlights the growing demand for AI technologies.

Samsung Securities and AFW Partners played pivotal roles in leading this funding round, which was oversubscribed, indicating robust market demand. The two firms have established a strong reputation for backing pioneering technology companies, ultimately contributing to their decision to invest in Tenstorrent. Their involvement underscores the company’s potential in a flourishing industry.

Additionally, several other notable investors participated in this funding round, including XTX Markets, Corner Capital, MESH, Export Development Canada, and LG Electronics, among others. This diverse backing signifies a blend of financial and strategic interests in Tenstorrent, which aims to establish itself as a leader in AI-driven computing.

Keith Witek, Tenstorrent’s Chief Operating Officer, expressed excitement over the diverse investor base. He noted the group's balanced combination of financial stakeholders and strategic venture partners who see the potential in Tenstorrent’s technology and market strategy. The company aims to leverage the approximately $150 million in deals it has already closed, demonstrating its traction in the AI market.

Tenstorrent is focused on producing advanced computing systems designed specifically for artificial intelligence, utilizing its innovative Tensix cores. The company distinguishes itself by not only selling high-performance hardware but also by offering open-source software that enables users to customize and control their technology effectively, allowing developers to truly own their silicon solutions.

With the influx of funds from the Series D round, Tenstorrent is set to expand its efforts in developing open-source AI software stacks, which are expected to attract more developers into their ecosystem. The plan includes hiring new talent, increasing the scale of global development and design centers, and building advanced systems and cloud services tailored for AI developers.

Jim Keller, the CEO of Tenstorrent, emphasized that investor interest during the fundraising was particularly focused on the company’s open-source software development strategy. He highlighted the philosophy that empowering developers with the tools they need could solidify Tenstorrent's standing in the competitive AI technology arena.

Bonil Koo, Managing Director at AFW Partners, stated that his firm is dedicated to investing in groundbreaking and innovative technologies. He noted Tenstorrent's unique market momentum and cutting-edge technological roadmap, which aligns with their focus on mobility innovations. Koo expressed enthusiasm about participating in Tenstorrent's journey, indicating a shared vision for the future of technology.

Joshua Leahy, Chief Technology Officer at XTX Markets, echoed similar sentiments, stating that Tenstorrent’s open-source approach to AI accelerators is a refreshing change from the industry norm, which often prioritizes proprietary solutions. He is optimistic about supporting Tenstorrent in bringing its ambitious visions to fruition.

Headquartered in North America, Tenstorrent operates in multiple key locations including Toronto, Austin, and Silicon Valley, with an expanding international footprint in cities such as Belgrade, Tokyo, and Seoul. The company is recognized for blending expertise across AI software, silicon design, and advanced systems, supported by notable investors such as Eclipse Ventures and Real Ventures.

With the successful completion of this funding round, Tenstorrent is poised to make significant strides in the AI sector, further driving its mission to build cutting-edge technology that empowers a future reliant on artificial intelligence.

For more information, visit tenstorrent.com.