Tenstorrent has successfully closed a Series D funding round, raising more than $693 million at a pre-money valuation of $2 billion. The round was led by Samsung Securities and AFW Partners, with significant demand from investors leading to its oversubscription. Both Samsung and AFW Partners have a strong history of backing innovative tech companies and have deep ties to Tenstorrent.
In addition to the lead investors, the round attracted a number of high-profile participants, 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.
Keith Witek, Chief Operating Officer of Tenstorrent, expressed excitement over the diverse range of investors backing the company. “This group of investors—spanning financial firms, strategic players, and prominent individuals—believes in our vision for AI,” said Witek. “They recognize our ~$150M in closed deals as a clear signal of market traction and the opportunity ahead.”
Tenstorrent designs and sells AI-optimized computers powered by its proprietary Tensix cores. What sets Tenstorrent apart from other players in the market is its focus on open-source software stacks. The company also licenses its AI and RISC-V intellectual property to customers, allowing them to customize and own their silicon.
The company plans to use the Series D funding to further develop its open-source AI software, hire additional developers, expand its global presence, and build AI systems and cloud solutions to support developers.
Jim Keller, CEO of Tenstorrent, highlighted the enthusiasm from investors around the company’s open-source software approach. “Our investors see the value in empowering developers with the tools to control their own technology,” Keller stated.
Bonil Koo, Managing Director at AFW Partners, shared his excitement about the investment: “Tenstorrent’s momentum, innovative technology roadmap, and open-source software approach are truly game-changing. We are thrilled to support their journey to success.”
