Tenstorrent, a developer of AI chips, secured $1.5 billion in a Series E funding round. This investment brings the company's valuation to $6.2 billion, a significant increase from the $2.6 billion valuation recorded in December 2024.
The round was led by Trace Capital and Innovation X. Other participants included ARK Invest, Fidelity Management and Research Company, Morgan Stanley, T. Rowe Price, SanDisk, Tether Investments, Cadence Ventures, and Protagonist.
The company plans to utilize the new capital to scale the deployment of its Galaxy servers. These systems are designed to run large language models, coding assistants, and video generation applications.
Tenstorrent offers hardware ranging from accelerator cards to server clusters. It also licenses its TT-Ascalon RISC-V CPU and Tensix AI cores to partners, including Samsung and LG, to support custom chip development.
Founded in 2016 by Ljubisa Bajic, Milos Trajkovic, and Ivan Hamer, the startup is currently led by CEO Jim Keller. The company focuses on RISC-V architecture to provide an alternative to proprietary AI computing systems.
