Tenstorrent announced it has closed over $693 million in its Series D funding round at a pre-money valuation of $2 billion. Samsung Securities and AFW Partners led the funding round. Along with the leads, many notable investors joined the round including XTX Markets, Corner Capital, MESH, Export Development Canada, Healthcare of Ontario Pension Plan, LG Electronics, Hyundai Motor Group, Fidelity Management & Research Company, Baillie Gifford, Bezos Expeditions, and more.
Tenstorrent builds and sells AI computers using its Tensix cores. In addition to selling hardware, the company’s open-source software stacks really set It apart from other players in the market. Tenstorrent licenses AI and RISC-V intellectual property to customers who want to own and customize their silicon.
Tenstorrent will utilize the Series D funding to build out open-source AI software stacks, hire developers, expand its global development and design centers, and build systems and clouds for AI developers.
KEY QUOTES:
“We are excited by the breadth of investors that believe in our vision. If you look at this group, you see a balance of financial investors and strategic investors, as well as some notable individuals that have conviction in our plans for AI. They respect our team, our technology, and our vision. They see the about $150 million in deals closed as a strong signal of commercial traction and opportunity in the market.”
– Keith Witek, Chief Operating Officer of Tenstorrent
“Our investors are great. During the fundraising process I was impressed by how interested our investors were in our open-source approach to software. They realize that the way to win is to get developers on board by giving them all the tools they need to own their own technology. “
– Jim Keller, CEO of Tenstorrent
“AFW Partners is dedicated to investing in innovative and disruptive technologies that we believe will change the world, with a specific focus on mobility innovation. Tenstorrent’s momentum in the market, its innovative roadmaps filled with cutting edge technology, and open-source software are an unbeatable combination. We are thrilled to participate in their journey and success.”
– Bonil Koo, Managing Director at AFW Partners, who leads the Series D round with Samsung Securities
“We find Tenstorrent’s open-source driven approach refreshing, especially in the proprietary and often secretive world of AI accelerators. We’re excited to support them as they bring their ambitious roadmap to market.”
– Joshua Leahy, Chief Technology Officer, XTX Markets
