Tenstorrent Secures , a cool Canadian company led by chip industry expert Jim Keller and focused on making chips for artificial intelligence, announced on Wednesday that they managed to get $100 million from important investors like Hyundai Motor Group and Samsung’s investment fund.
Before getting this new bunch of money, Tenstorrent Secures had already gotten a super impressive $234.5 million, which made the company worth an extensive $1 billion. The new company wants to challenge Nvidia, the top company in the market, for making chips in artificial intelligence products like ChatGPT.
Jim Keller, a famous chip developer at big companies like Apple, Tesla, and Intel, recently became the CEO of Tenstorrent. He knows a lot, and that’s good for leading the company.
Hyundai invested $30 million, while Kia invested $20 million. Both of these companies are famous investors. Samsung’s Catalyst Fund and other supporters, like Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital, contributed the remaining $50 million.
Tenstorrent’s main objective is to challenge Nvidia in data centers, but it also aims to achieve additional goals. The company is also creating AI chips that can be used for many different things. In May, for instance, it collaborated with LG to manufacture chips for intelligent televisions.
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The latest funding round was organized in a particular way, where a loan will eventually become company ownership. This means that Tenstorrent will have a new value once it raises more money by selling stocks, which is expected to happen next year. Tenstorrent Secures hasn’t provided any details about the movable debt.
Tenstorrent not just creates its own AI chips but it also allows buyers to utilize its intellectual property and other technologies for making their own AI chips. Hyundai created a semiconductor research team last year to enhance its abilities in semiconductors. The company announced that it intended to utilize Tenstorrent’s technology in upcoming Hyundai, Kia, and Genesis vehicles.
The person in charge of Hyundai Motor Group’s global strategy office, Executive Vice President Heung-soo Kim, said this investment will make semiconductor technology better and more unique. This will improve future ways to get around and help the company improve at making AI technology.
This massive investment is a huge move for Tenstorrent, making them a big player in the challenging market for AI chips. With Jim Keller leading the way and getting lots of support from influential people in the industry, Tenstorrent is all set to grow and develop new ideas in the ever-changing world of artificial intelligence