Tenstorrent Secures $100 Million in Funding

by Kay Aloha Villamor in August 8th, 2023

Tenstorrent, a Toronto, Canada-based AI hardware startup, recently announced that it secured $100 million in a convertible note funding round, bringing its total raised to $334.5 million.

The funding round was co-led by Hyundai Motor Group and Samsung Catalyst Fund, with Hyundai Motor and Kia contributing $30 million and $20 million, respectively.

Other investors, including Samsung Catalyst, Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital, contributed the remaining $50 million.

The funds from this convertible note round will be directed towards product development, the design and development of AI chiplets, and Tenstorrent's machine learning software roadmap.

The startup sells AI processors and licenses AI software solutions and IP around RISC-V, the open-source instruction set architecture used to develop custom processors for a range of applications.

The company’s notable achievements include the introduction of Grayskull, an all-in-one system for accelerating AI model training, and the launch of DevCloud, a cloud-based service for running AI models without the need to purchase hardware.

Tenstorrent opened a Tokyo office in March to expand beyond its offices in Toronto, Austin, and Silicon Valley.

Company: Tenstorrent, Inc.

Raised: $100.0M

Round: Unknown

Funding Month: August 2023

Lead Investors: Hyundai Motor Group and Samsung Catalyst Fund

Additional Investors: Hyundai Motor, Kia, Samsung Catalyst, Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital

Company Website: https://tenstorrent.com/

Software Category:  AI Processors and Licenses AI Software Solutions

About the Company: Founded in 2016, Tenstorrent is a next-generation computing company that builds computers for AI with the mission of addressing the rapidly growing computing demands for software 2.0. Headquartered in Toronto, Canada, with U.S. offices in Austin, Texas, and Silicon Valley, and global offices in Belgrade and Bangalore.

Source: https://techcrunch.com/2023/08/04/ai-chip-startup-tenstorrent-lands-100m-investment-from-hyundai-and-samsung/

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