Canadian AI hardware startup Tenstorrent recently received US$693 million in financing, with a valuation of more than US$2.6 billion. It was led by Samsung Securities and AFW Partners, with participation from Hyundai Motor and Bezos Expeditions. This huge financing will help Tenstorrent further develop its AI processor technology, consolidate its position in the AI chip market, and compete with giants such as Nvidia. Tenstorrent plans to use the funds to expand its engineering team, build AI training servers, and launch new AI processors every two years. It has already signed nearly US$150 million in customer contracts, demonstrating its strong market competitiveness and development potential.
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Tenstorrent said that the funds received will mainly be used to expand its engineering team and build artificial intelligence training servers to demonstrate its technical strength. The company's CEO Jim Keller said that they plan to launch a new AI processor every two years and have currently signed customer contracts totaling nearly $150 million.
Founded in 2016, Tenstorrent is joining a number of startups vying for Nvidia's dominance in the artificial intelligence chip market. With the rapid development of AI technology, many emerging companies have entered this field, trying to get a piece of the pie. Tenstorrent's other competitors include Axelera, Etched, and Groq.
Through this financing, Tenstorrent will not only improve its research and development capabilities, but also occupy a more favorable position in the AI hardware market and challenge the status of industry giants.
Tenstorrent’s huge financing indicates increasingly fierce competition in the AI hardware market and also lays a solid foundation for its future development. Whether the company can successfully challenge giants such as Nvidia remains to be seen, but its development prospects are undoubtedly exciting.