Tenstorrent Raises $100M Led by Hyundai Motor Group & Samsung Fund

Did you hear about the latest funding for the computing startup Tenstorrent? Do you know how the company wants to utlise the recently raised funds? And who all have participated in the funding? Check out this story to know about this funding round.

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Tenstorrent, a cutting-edge computing company specializing in AI processors and semiconductor IP, has successfully concluded a significant strategic financing up-round, securing $100 million in investments. The funding was co-led by global giants Hyundai Motor Group and Samsung Catalyst Fund, with additional participation from notable investors such as Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital, among others.

Driving Innovation in AI Processors and RISC-V IP

Tenstorrent has gained recognition for its groundbreaking work in AI processors and its licensing of AI and RISC-V IP to clients seeking to personalize their silicon solutions. The recent funding round, with Hyundai Motor Group and Samsung Catalyst Fund taking the lead, underscores the increasing importance of AI-driven technologies across diverse industries. Both Hyundai Motor Group and Samsung have earned accolades for their innovation and market dominance, making their partnership with Tenstorrent a significant development in the tech landscape.

Jim Keller, CEO of Tenstorrent, expressed his gratitude, stating, "The trust in Tenstorrent shown by Hyundai Motor Group and Samsung Catalyst Fund leading our round is truly humbling. It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology, and now their investment in us."

A Synergistic Vision for the Future

Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office at Hyundai Motor Group, emphasized the strategic nature of the investment

He said, "Tenstorrent’s high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobilities. With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development."

Jim Keller noted the significance of Samsung's involvement. 

He stated, "Samsung has long been a leader in the electronics industry and they are the ideal partner to co-lead this round. We are excited by the opportunity to work together."

Marco Chisari, EVP of Samsung Electronics and Head of Samsung Semiconductor Innovation Center, echoed this sentiment, highlighting the value of Tenstorrent's technology and leadership.

He affirmed, "Tenstorrent’s industry-leading technology, executive leadership, and aggressive roadmap motivated us to co-lead this funding round. We are excited by the opportunity to work with Tenstorrent to accelerate AI and compute innovations."

Fueling Advancements in AI Technology

The secured funds will be instrumental in expediting Tenstorrent's product development initiatives. The company plans to focus on the design and development of AI chiplets, which play a pivotal role in enhancing AI processing capabilities. Additionally, the funding will contribute to the advancement of Tenstorrent's machine learning software roadmap, ensuring the company remains at the forefront of AI technology innovation.

Hyundai Motor Group, a global enterprise, operates across various sectors including mobility, steel, construction, logistics, finance, IT, and service. With a workforce of approximately 250,000 individuals worldwide, the group's portfolio comprises prominent mobility brands such as Hyundai, Kia, and Genesis. Hyundai Motor Group's commitment to innovation and transformative technology positions them as a key player in shaping a better future.

Samsung Catalyst Fund (SCF), an enduring multi-stage venture capital fund by Samsung Electronics, is dedicated to investing in deep-tech infrastructure and data-enabled platforms. SCF's diverse interests span critical domains including data centers, cloud computing, artificial intelligence, networking, 5G, automotive technologies, sensors, and even quantum computing. By collaborating closely with visionary entrepreneurs and disruptive concepts, SCF aims to create mutual growth and value, leveraging its global resources, financing, networking, and expert mentorship.

Tenstorrent, headquartered in Toronto, Canada, with offices in the United States and globally, is a pioneering computing company focused on AI-centric solutions. The company's expert team encompasses computer architecture, ASIC design, advanced systems, and neural network compilers. Backed by influential investors such as Hyundai Motor Group, Samsung Catalyst Fund, Fidelity Ventures, Eclipse Ventures, and Real Ventures, Tenstorrent is at the forefront of revolutionizing AI-driven computing. The recent financing round signifies a major milestone in the company's journey towards innovation and technological advancement.