TechDogs-"Tenstorrent Raises A $100M Strategic Up-Round Co-Led By Hyundai Motor Group And The Samsung Catalyst Fund"

Computing

Tenstorrent Raises A $100M Strategic Up-Round Co-Led By Hyundai Motor Group And The Samsung Catalyst Fund

By PR Newswire

PR Newswire
Overall Rating

SANTA CLARA, Calif., Aug. 2, 2023 /PRNewswire/ -- Tenstorrent is pleased to announce that it closed a $100M strategic financing up-round led by Hyundai Motor Group and Samsung Catalyst Fund, with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital, Maverick Capital, and more.

Tenstorrent sells AI processors and licenses AI and RISC-V IP to customers that want to own and customize their silicon. Both Hyundai Motor Group and Samsung have a strong history of product leadership and enjoy massive success in their respective markets. 

"The trust in Tenstorrent shown by Hyundai Motor Group and Samsung Catalyst Fund leading our round is truly humbling," said Jim Keller, CEO of Tenstorrent. "It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us."

"Tenstorrent's high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobilities," said Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO) at Hyundai Motor Group. "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."

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

"Samsung Catalyst Fund invests in disruptive ideas that we believe can change the world," said Marco Chisari, EVP of Samsung Electronics, Head of Samsung Semiconductor Innovation Center. "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."

Funding will be used to accelerate the company's product development, the design and development of AI chiplets, and its ML software roadmap.  

About Hyundai Motor Group:

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group's mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication and the will to take on any challenges, we strive to create a better future for all.

About Samsung Catalyst Fund:

Samsung Catalyst Fund (SCF) is Samsung Electronics' evergreen multi-stage venture capital fund that invests in deep-tech infrastructure and data-enabled platforms. SCF's sectors of interest span multiple domains including datacenter and cloud, artificial intelligence, networking and 5G, automotive, sensors, quantum computing and beyond. SCF aspires to work closely with brilliant entrepreneurs and disruptive ideas, harnessing our global reach to create value and foster mutual growth and benefits. Among the many advantages our founders enjoy are shared resources, financing, networking, corporate development, and mentorship from SCF's domain experts. 

About Tenstorrent:

Tenstorrent is a next-generation computing company that builds computers for AI. Headquartered in Toronto, Canada, with U.S. offices in Austin, Texas, and Silicon Valley, and global offices in Belgrade, Tokyo, and Bangalore, Tenstorrent brings together experts in the field of computer architecture, ASIC design, advanced systems, and neural network compilers. Tenstorrent is backed by Hyundai Motor Group, Samsung Catalyst Fund, Fidelity Ventures, Eclipse Ventures and Real Ventures, among others.

For more information on Tenstorrent visit www.tenstorrent.com or contact pr@tenstorrent.com.

First published on Thu, Aug 3, 2023

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Tenstorrent Hyundai Motor Group AI Semiconductors Global Strategy Office (GSO)

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