Dec. 2, 2024, Santa Clara, CA: Tenstorrent said it closed over $693M in its Series D funding round at a pre-money valuation of $2B.
Samsung Securities and AFW Partners led the oversubscribed round. In addition to the leads, other 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.”
