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Highlights
- Tenstorrent raises $693M in Series D, with a $2 billion pre-money valuation.
- Led by Samsung Securities and AFW Partners, with strong investor demand.
- Funds to support AI software development and global expansion.
Tenstorrent, a leading artificial intelligence (AI) chipmaker, has successfully completed a Series D funding round, raising over $693 million. This marks a significant milestone for the company, which now holds a pre-money valuation of $2 billion. The round was led by Samsung Securities (KS:016360) and AFW Partners, drawing substantial oversubscription, indicating strong market interest in AI and next-gen computing technologies.
Broad Investor Support
The funding round attracted a diverse mix of investors, including both financial backers and strategic players from various sectors. Among the notable participants were XTX Markets, Corner Capital, MESH, Export Development Canada, Healthcare of Ontario Pension Plan, and large corporations like LG Electronics and Hyundai Motor (OTC:HYMTF) Group. Additionally, prominent investment firms such as Fidelity, Baillie Gifford, and Bezos Expeditions contributed to the funding.
Keith Witek, Tenstorrent's Chief Operating Officer, expressed excitement about the backing from such a broad group of investors, noting that the commercial traction demonstrated by the company, with approximately $150 million in closed deals, further validated the opportunity in the AI market.
Driving AI Innovation with Open-Source Software
At the core of Tenstorrent's operations is its proprietary Tensix cores, which power the company's AI computers. Tenstorrent sets itself apart from competitors with its focus on open-source software stacks and licensing of both AI and RISC-V intellectual property, enabling customers to create tailored silicon solutions for their needs.
The newly acquired funds will be used to drive the company's next phase of growth. This includes enhancing their open-source AI software, expanding global development centers, and building AI-specific systems and cloud infrastructure to support developers.
CEO Jim Keller emphasized the critical role of investors in accelerating Tenstorrent's mission, particularly highlighting the company's open-source approach to AI as a key differentiator. Bonil Koo, Managing Director at AFW Partners, also cited Tenstorrent's market momentum and innovative technology as key factors in their decision to participate in the funding round.
Global Expansion and Future Prospects
With headquarters in North America, Tenstorrent operates across several global locations, including Toronto, Austin, Silicon Valley, Belgrade, Tokyo, Bangalore, Singapore, and Seoul. This global presence positions the company to continue its expansion, leveraging its expertise in AI software, silicon design, and computer architecture.
Supported by investors like Eclipse Ventures and Real Ventures, Tenstorrent is well-positioned to remain a key player in the rapidly evolving AI sector.
