Graphcore Raised $50 Million Led By Sequoia Capital For AI Chips
U.K-based Graphcore today, announced it has raised a $50 million round of funding led by Silicon Valley’s Sequoia Capital, this follows the $60 million that Graphcore had already raised over the last 18 months.
The company said it will use the latest funding to scale up production, try to attract developers to its platform, further product development, and expand is Palo Alto office.
In a blog post, Graphcore cofounder Nigel Toon wrote that the company’s partnership with Sequoia is an indication that it intends to remain independent as it seeks to compete in the surging AI chip market.
With a focus on chips and artificial intelligence for machine learning applications, which it dubs “Intelligence Processing Unit” or IPU, will allow it to flourish without the need for a corporate overlord. Its IPU chips are optimized for use in such products as self-driving cars, robotics, and the exploding number of connected gadgets.
So over the last few weeks, Graphcore and Sequoia Capital have worked together on a scale-up business plan and on a funding plan which will allow us to grow more quickly and to support our prospective customers more deeply as we bring products to market,” Toon wrote. “We have set out some clear objectives and have full support from our brilliant existing financial and strategic investors.”
In its press release, Graphcore said the latest round of funding “has full support from existing investors: Amadeus Capital Partners, Atomico, Robert Bosch Venture Capital, C4 Ventures, Dell Technologies Capital, Draper Esprit, Foundation Capital, Pitango Venture Capital, and Samsung Catalyst Fund.”
Graphcore find itself in a stiffer position considering two of the U.K.’s biggest chip successes — ARM Holdings and Imagination Technologies — were both acquired.
Of course, Intel and Nvidia are making claims on this market, and both bring decades of experience and huge treasuries for investment in R&D and marketing.