Tenstorrent, a technology startup, designing artificial intelligence chips, announced it has secured $100 million from Hyundai, Kia and Samsung. Prior to this funding, Tenstorrent had raised $234.5 million and has a valuation of about $1 billion. The company seeks to challenge Nvidia, the leading supplier of AI chips for services like ChatGPT.
While Tenstorrent is focused on data center chips, it also is developing AI chips for diverse applications, including a partnership with LG for smart televisions. The most recent funding round was structured as debt and later will convert to stock. Tenstorrent plans to hold another equity fundraising round next year, which will determine its new valuation.
Tenstorrent licenses its intellectual property and technology to customers interested in developing their own AI chips. Hyundai’s semiconductor development group intends to utilize Tenstorrent’s technology in future vehicles from Hyundai, Kia, and Genesis.
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