Tenstorrent have announce that it closed a $100M strategic financing up-round led by Hyundai Motor Group and Samsung Catalyst Fund, with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital, Maverick Capital, and more.
The chipmaker sells AI processors and licenses AI and RISC-V IP to customers and will help Hyundai specifically with their newly developed semiconductors for central processing units (CPU) and neural processing units (NPU) in future vehicles and mobility products.
Heung-soo Kim, EVP and head of the GSO at Hyundai Motor Group, said:
“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.”
Both Hyundai Motor Group and Samsung have a strong history of product leadership and enjoy massive success in their respective markets.
Marco Chisari, EVP of Samsung Electronics, Head of Samsung Semiconductor Innovation Center, said:
“Samsung Catalyst Fund invests in disruptive ideas that we believe can change the world.
“Tenstorrent’s industry-leading technology, executive leadership, and aggressive roadmap motivated us to co-lead this funding round. We are excited by the opportunity to work with Tenstorrent to accelerate AI and compute innovations.”
Funding will be used to accelerate the company’s product development, the design and development of AI chiplets, and its ML software roadmap.