Tenstorrent Secures $693M Series D Funding Led by Samsung Securities and AFW Partners
Tenstorrent has raised $693 million in a Series D funding round, valuing the company at $2 billion pre-money. Samsung Securities and AFW Partners led the oversubscribed round, which drew participation from high-profile investors, including XTX Markets, Corner Capital, LG Technology Ventures, Hyundai Motor Group, Fidelity Management & Research Company, Baillie Gifford, Bezos Expeditions, and more. The funding reflects confidence in Tenstorrent’s AI hardware and software solutions and their open-source approach to empowering developers.
Tenstorrent’s technology stack features its proprietary Tensix Core, designed to accelerate AI workloads efficiently. Its Grayskull and Wormhole processors further enhance its product portfolio by providing scalable solutions for AI and machine learning applications. The company also licenses RISC-V and AI intellectual property, enabling customers to customize and own their silicon. These innovations position Tenstorrent as a competitive player in the growing AI computing market.
The company has had a busy 2024, announcing numerous initiatives, partnerships, and product updates. Recent highlights include the rollout of its open-source AI software stack, expansion of RISC-V licensing deals, and strategic collaborations to enhance global development and design capabilities. These developments underscore Tenstorrent’s focus on building an ecosystem that empowers developers and accelerates adoption of its technology.
“This year, we’ve made significant strides in advancing our roadmap and forming critical partnerships,” said Jim Keller, CEO of Tenstorrent. “Our latest funding ensures we can continue to push boundaries in AI computing.”
Key Points: • Series D funding totals $693 million, valuing the company at $2 billion pre-money. • Led by Samsung Securities and AFW Partners, with participation from notable investors including LG Technology Ventures, Fidelity Management, and Bezos Expeditions. • Proprietary technology includes: • Tensix Core: Optimized for AI workloads with high performance and efficiency. • Grayskull Processor: Scalable computing for advanced AI applications. • Wormhole Processor: Designed for large-scale data processing and machine learning tasks. • Licensing of AI and RISC-V IP enables customers to customize silicon for specific applications. • Over $150 million in customer agreements secured. • Announced multiple initiatives in 2024, including open-source software rollouts and global design center expansions.
