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AI chip startup Tenstorrent gets $100 million from Samsung and Hyundai

Update time : 2023-08-07 11:19:45

Tenstorrent, a Canadian startup led by chip industry veteran Jim Keller focused on developing artificial intelligence chips, said Wednesday it had raised $100 million from likes of Hyundai Motor Group and Samsung Investment Fund.

Tenstorrent, which raised $234.50 million before the funding round at a valuation of $1 billion, is one of several newcomers challenging Nvidia's market leadership in supplying chips to vendors developing artificial intelligence products such as ChatGPT. Keller, who has developed chips for Apple, Tesla and Intel, took over as the startup's CEO earlier this year.
Tenstorrent said it raised $30 million from Hyundai Motor Group and $20 million from Kia Motors, with the remaining $50 million coming from Samsung's Catalytic Fund and other investors including Fidelity Ventures, Eclipse Ventures, Epiq Capital and Maverick Capital, among others.
The move marks a return to automotive technology for Tesla veteran Keller. While Tenstorrent is developing chips to challenge Nvidia in data centers, it is also developing artificial intelligence chips for other uses, including announcing a deal with LG in May to provide technology for chips that could be used in smart TVs.
The funding round is in the form of debt that will later be converted into equity, meaning Tenstorrent will not officially have a new valuation until another equity funding round, which the company said it expects to do next year. Tenstorrent declined to comment on the details of the convertible debt.
Tenstorrent not only makes its own artificial intelligence chips, but also sells its intellectual property and other technology to customers seeking to make their own artificial intelligence chips. Hyundai Motor Group formed a semiconductor development group last year and said it plans to use Tenstorrent technology in "future Hyundai, Kia and Genesis" vehicles. "With this investment, the group expects to develop optimized but differentiated semiconductor technologies that will contribute to future mobility and strengthen in-house AI technology development capabilities," Heung-soo Kim, executive vice president and head of Hyundai Motor Group's global strategy office, said in a statement.

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