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Tenstorrent closes $693M+ of Series D funding led by Samsung Securities and AFW Partners
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.
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 Raises $693 Million Series D
AI chip and IP startup Tenstorrent has raised $693 million in an oversubscribed Series D round including both financial and strategic investors, based on a pre-money valuation of $2 billion. The round was led by Samsung Securities and AFW Partners and new investors include XTX Markets, LG Electronics, Hyundai Motor Group and Bezos Expeditions. The funding will support Tenstorrent’s plans to deploy its IP, silicon and system products.
Tenstorrent’s $693 million Series D follows competitor Groq’s $640 million round in August 2024. Prior to that, it seemed the investment climate for AI chip companies had cooled, in part due to the AI chip industry’s failure to take any significant market share from leader Nvidia.