Tenstorrent（テンストレント）
Tenstorrent closes $693M+ of Series D funding led by Samsung Securities and AFW Partners
Santa Clara, CA: 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, Protagonist, MESH, Export Development Canada,
Healthcare of Ontario Pension Plan, LG Technology Ventures, Hyundai Motor
Group,Fidelity Management & Research Company, Innovation Engine, 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.
Barclays acted as sole placement agent to Tenstorrent for the December
2024 Series D funding round.