Tenstorrent Secures Over $693 Million in Series D Funding from Samsung and AFW

Tenstorrent secures $693 million in Series D funding, highlighting growing confidence in their vision for AI and attracting a diverse group of investors, including Samsung Securities and AFW Partners, with their open-source approach.

Massive Series D funding round of $693 million
Strong and diverse group of investors, including big names in the tech industry
Commitment to open-source software, allowing for more customization and control in AI development

Tenstorrent’s Big Win: A $693M Series D Funding

Santa Clara, CA—In a move that’s sending ripples through the tech world, Tenstorrent has just announced it’s closed a whopping $693 million in its Series D funding round. Not only does this round come with a pre-money valuation of $2 billion, but it also highlights the growing confidence in the company’s vision for artificial intelligence. The lead investors, Samsung Securities and AFW Partners, are no strangers to the tech scene and have a solid history of backing companies.

What’s particularly interesting is that this funding round was oversubscribed—meaning there was more demand than the company could accommodate. It seems that investors are eager to get a piece of Tenstorrent, and who can blame them? With a roster that includes names like XTX Markets, LG Electronics, and even Bezos Expeditions, it’s clear that Tenstorrent is catching the eye of some serious players in the industry.

A Vision Backed by Strong Investors

Keith Witek, the Chief Operating Officer of Tenstorrent, expressed his excitement about the diverse group of investors joining the fray. “If you look at this group, you see a balance of financial investors and strategic partners, along with individuals who really believe in our plans for AI,” he said. With about $150 million in deals already closed, Witek sees this as a strong signal of commercial traction and opportunity in the market.

So, what exactly does Tenstorrent do? They’re not just another hardware company; they build computers specifically designed for artificial intelligence using their innovative Tensix cores. But what really sets them apart is their commitment to open-source software. This approach allows customers to own and customize their silicon, which is a game-changer in a landscape often dominated by proprietary solutions.

Investing in the Future of AI

With this new funding, Tenstorrent plans to double down on developing open-source AI software stacks, hiring more developers, and expanding their global presence. “Our investors are great,” said CEO Jim Keller, who was particularly impressed by their enthusiasm for Tenstorrent’s open-source strategy. “They understand that winning in this space means equipping developers with the tools they need to take control of their own technology.”

Bonil Koo, Managing Director at AFW Partners, echoed this sentiment, stating, “Tenstorrent’s momentum in the market, its innovative roadmaps filled with technology, and open-source software are an unbeatable combination.” It’s clear that AFW is not just looking for a quick return; they want to be part of something transformative.

A Refreshing Approach in a Competitive Market

Joshua Leahy, Chief Technology Officer at XTX Markets, also chimed in, highlighting how refreshing Tenstorrent’s open-source approach is in an otherwise secretive industry. “We’re excited to support them as they bring their ambitious roadmap to market,” he said.

So, what does this mean for the future of AI? With Tenstorrent at the helm, we might be looking at a shift toward more transparency and accessibility in technology. As they continue to innovate and expand, it’s clear that they’re not just building computers; they’re paving the way for a new era of AI development.

Stay tuned—this is a company to watch as they push the boundaries of what’s possible in artificial intelligence!

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Background Information

About LG:

LG Electronics, headquartered in Seoul, South Korea, is a global technology company for its diverse portfolio of innovative products. With a presence in various industries, including consumer electronics, home appliances, mobile devices, and more, LG is a leader in technological advancements. LG offers a range of laptops and monitors that combine sleek design with advanced features, catering to both personal and professional needs.

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About Samsung:

Samsung, a South Korean multinational conglomerate, has established itself as a global leader in various industries, including electronics, technology, and more. Founded in 1938, Samsung's influence spans from smartphones and consumer electronics to semiconductors and home appliances. With a commitment to innovation, Samsung has contributed products like the Galaxy series of smartphones, QLED TVs, and SSDs that have revolutionized the way we live and work.