Tenstorrent

Tenstorrent, a leading AI chip startup, has raised $693M USD in a Series D funding round, valuing the company at $2.7B. Samsung Securities and AFW Partners led the round, with new investors including HOOPP, Export Development Canada, Toronto’s Georgian, and Bezos Expeditions. Tenstorrent develops machine-learning chips, sells servers to data centers, and licenses IP for custom hardware.

Founded in Toronto, Tenstorrent relocated to the U.S. in 2023 under CEO Jim Keller. This marks HOOPP’s first investment in a Canadian AI startup and EDC’s continued backing of the sector, which includes model maker Cohere.

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Tenstorrent, the AI-focused chip startup, recently transferred its headquarters from Toronto to the U.S., reshaping its corporate structure by filing in Delaware as Tenstorrent Holdings. This follows January 2023’s CEO shift, where renowned chip designer Jim Keller replaced founder Ljubisa Bajic.

Keller, based in Palo Alto, brings experience from Intel, Tesla, AMD, and Apple. Despite relocating, Tenstorrent retains a Toronto office and employs over 120 Canadians within a global workforce of 550. The move underscores Canada’s struggle to secure top AI talent and resources as nations compete for tech leadership.

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Canadian AI chip company Tenstorrent has found success licensing its AI compute technology to firms and governments aiming for independence from chip giants like Nvidia and Arm. Customers such as Hyundai, LG, and Japan’s government-backed research centre are using Tenstorrent’s high-performance compute IP, built on RISC-V architecture, for improved control and cost savings.

Tenstorrent’s CEO Jim Keller, renowned for leading custom chip efforts at Apple and Tesla, is capitalizing on rising demand for “sovereign compute” solutions. With its own open-source hardware and software, Tenstorrent now provides an appealing alternative amid global supply chain concerns.

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Hyundai Motor Group accelerates its AI ambitions with a hefty $100 million investment in Tenstorrent, a Canadian AI chip manufacturer.

Tenstorrent, known for producing AI chips and licensing technology, aligns with Hyundai’s semiconductor development drive. The partnership aims to enhance Hyundai, Kia, and Genesis vehicles with advanced AI capabilities.

Heung-soo Kim, Executive VP at Hyundai, envisions optimized semiconductor technology to bolster future mobility solutions. The investment solidifies Hyundai’s commitment to cutting-edge AI integration in the automotive sector.

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