Nvidia challenger Tenstorrent raises $1.5-billion, valuing Toronto-founded company at $6.2-billion
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Artificial intelligence semiconductor maker Tenstorrent Holdings Inc. has raised US$1.5-billion in fresh capital as it steps up efforts to challenge industry behemoth Nvidia Corp NVDA-Q. The financing, which values Tenstorrent at US$6.2-billion, including the money raised, follows reports earlier this year that U. S. chip stalwarts Intel Corp. INTC-Q and Qualcomm Inc. QCOM-Q had both tried to buy Tenstorrent for upward of US$5-billion. The Austin, Tex.-based company was founded in Toronto 10 years ago but relocated to the United States in 2023 after its first investor, Jim Keller – one of Silicon Valley’s top chip architects – became chief executive officer. The company’s Toronto office is still one of its largest hubs, where 200 of its 1,000 employees work. Tenstorrent also has operations in Silicon Valley; Tokyo; Belgrade, Serbia; and Bangalore, India. The deal was led by two American private capital firms, Los Angeles-based Trace Capital, founded by National Football League linebacker-turned-private capital investor Ben Mahdavi, and Innovation X LLC of New York.
This article is an excerpt. To read the full content, visit the original source. The Globe and Mail Business
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