Hardware startup Tenstorrent raises over $200 million in funding, claims $1 billion valuation
Summary
Tenstorrent, a Toronto-based startup that develops computing hardware for artificial intelligence applications, has raised over $200 million in funding, which the company reported brings its valuation to $1 billion. The investment was led by Fidelity Management and Research Company, with participation from Eclipse Ventures, Epic CG, and Moore Capital. “Having a great investor like Fidelity is going to help us build a sustainable company for the long term.” The startup also plans to launch software, which will allow developers to run their models without first having to purchase hardware. Earlier this year, Jim Keller, a microprocessor engineer well-known for his work at Apple and semiconductor firm AMD, joined Tenstorrent as president and CTO. “When we first met with Tenstorrent in 2016, we were deeply impressed by Ljubisa’s engineering capabilities and his down-to-earth and compassionate leadership style,” Jean-Sebastien Cournoyer, co-founder and board partner at Real Ventures, told BetaKit.