SANTA CLARA, Calif., Dec. 2, 2024 /PRNewswire/ — Tenstorrent is announcing that it has closed over $693M in its Series D funding round at a pre-money valuation of $2B. Samsung Securities and AFW Partners led the round, which was oversubscribed due to strong demand from investors. Samsung and AFW both have deep relationships with Tenstorrent, and a strong history of investing in pioneering technology companies.
In addition to 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.
“We are excited by the breadth of investors that believe in our vision,” said Keith Witek, Chief Operating Officer of Tenstorrent. “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 ~$150M in deals closed as a strong signal of commercial traction and opportunity in the market.”
Tenstorrent builds and sells computers for artificial intelligence that are built using its Tensix cores. In addition to selling hardware, the open-source software stacks really set Tenstorrent apart from other players in the market. Tenstorrent licenses AI and RISC-V intellectual property to customers that want to own and customize their silicon.
Tenstorrent will use 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.
“Our investors are great,” said Jim Keller, CEO of Tenstorrent. “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. “
“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,” said Bonil Koo, Managing Director at AFW Partners, who leads the Series D round with Samsung Securities. “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.”
“We find Tenstorrent’s open-source driven approach refreshing, especially in the proprietary and often secretive world of AI accelerators,” said Joshua Leahy, Chief Technology Officer, XTX Markets. “We’re excited to support them as they bring their ambitious roadmap to market.”
About Tenstorrent
Tenstorrent is a next-generation computing company that builds computers for AI. Tenstorrent is headquartered in North America and has locations in Toronto, Austin, and Silicon Valley, and global offices in Belgrade, Tokyo, Bangalore, Singapore, and Seoul. Tenstorrent brings together experts in the fields of AI software, computer architecture, silicon design, and advanced systems. Tenstorrent is backed by Eclipse Ventures and Real Ventures, among others. Learn more @ tenstorrent.com.
About Samsung Securities
Samsung Securities is Korea’s leading securities firm offering customer-focused, solutions-oriented retail brokerage and wealth management services for individual investors. We also offer institutional brokerage, investment advisory, investment banking and capital markets services for public and private enterprises.
About AFW Venture Partners
AFW Venture Partners is a venture capital firm aiming to make the future a better place for children. To achieve this goal, they channel their investment in technologies that benefit humankind. Their primary area of focus is Mobility Innovation which, in their definition, covers various facets of technology advancement such as electric and hydrogen engines, robotics, aerospace and their enablers such as semiconductors, hardware components and system software.
Contact: Bob Grim, pr@tenstorrent.com
SOURCE Tenstorrent