Tenstorrent, a company that sells AI processors and licenses AI and RISC-V intellectual property, has successfully raised $100 million in a strategic fundraising round. The funding was led by Hyundai Motor Group and Samsung Catalyst Fund, with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital, Maverick Capital, and other investors.
The investment from Hyundai Motor Group and Samsung Catalyst Fund is seen as a significant endorsement of Tenstorrent’s potential in the AI semiconductor market. Both Hyundai Motor Group and Samsung have a strong track record of innovation and market leadership in their respective industries.
Jim Keller, the CEO of Tenstorrent, expressed gratitude for the trust shown by Hyundai Motor Group and Samsung Catalyst Fund in leading the funding round. He also praised Hyundai Motor Group’s aggressive adoption of technology, including its recent acquisitions and joint ventures.
Hyundai Motor Group’s Executive Vice President and Head of the Global Strategy Office (GSO), Heung-soo Kim, highlighted that Tenstorrent’s AI semiconductors will help the group secure competitive technologies for future mobilities, contributing to the development of optimized and differentiated semiconductor technology.
Samsung Catalyst Fund, which invests in disruptive ideas, sees Tenstorrent’s technology, leadership, and roadmap as compelling reasons to co-lead the funding round. The collaboration with Tenstorrent aims to accelerate AI and compute innovations.
The newly raised funds will be utilized to accelerate Tenstorrent’s product development, design and development of AI chiplets, and its machine learning (ML) software roadmap. This funding will help the company strengthen its position in the AI semiconductor market and drive further innovation in the field of AI and compute.