The Artificial Intelligence chipmaker, Grapgcore has reached USD 1.7 billion valuations after the company announced a new USD200 million funding. The company has received this new funding from leading venture capital, financial and strategic investors including BMW I Ventures, Atomico, Merian Chrysalis investment company ltd., Microsoft, Sequoia and Sofina.
This new funding brings the Graphcore’s total capital to date to more than USD300 million from the world’s leading venture capital, financial and strategic investors that also include Robert Bosch, Dell Technologies and Samsung Electronics. The AI chipmaker firm has developed a totally new kind of processor and software for AI and Machine Intelligence. Graphcore’s IPU is the first processor to be designed distinctively for Machine Intelligence training and inference and delivers an increase in alacrity of 10x to 100x compared to today’s hardware. At present, the company is in a stage of hasty global growth, tripling the size of the team and opening new offices in London, Palo Alto, and Beijing this year. The company’s newest round of funding will enable Graphcore to implement on its product roadmap, pick up the pace scaling and enlarge the company’s global footprint. It is a further stride towards fulfilling the company’s ambition to develop a global tech company, concentrated on this latest and fast-growing Machine Intelligence market.
The funding was fully endorsed from existing investors including Atomico, Amadeus Capital Partners, C4 Ventures, Robert Bosch Venture Capital, Draper Esprit, Dell Technologies Capital, Pitango, Foundation Capital, and Sequoia Capital.