Tenstorrent, a US-based AI semiconductor company, has raised $1.5 billion in a Series E funding round led by Trace Capital and Innovation X. The financing closed at a post-money valuation of $6.2 billion.
The round included participation from Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, Sandisk, Tether Investments, Troluce Capital, Virtu Financial and XTX Markets, alongside accounts advised by T. Rowe Price Associates.
Founded in 2016 by Ljubisa Bajic, Ivan Hamer and Milos Trajkovic, Tenstorrent develops AI processors, computing systems and semiconductor intellectual property. The company is led by CEO Jim Keller, a semiconductor engineer who previously held senior engineering roles at AMD, Apple, Intel and Tesla.
Tenstorrent’s technology combines AI accelerators, RISC-V CPU architectures and an open-source software ecosystem. Its hardware portfolio includes accelerator cards, workstations and Galaxy servers, while its intellectual property offerings include TT-Ascalon RISC-V CPU designs and Tensix AI processing cores.
The company serves developers, enterprises and organisations building AI computing infrastructure. It also licenses processor designs to customers developing customised silicon, including Samsung and LG.
Tenstorrent plans to use the new capital to expand manufacturing and deployment of its Galaxy servers, which are designed to run AI workloads including large language models and video generation. The investment will also support further development of its AI and CPU intellectual property and global commercial expansion.
The company is focusing on infrastructure for open-weight AI models, enabling customers to deploy AI workloads using its processors and software across local systems and larger computing installations.
The Series E follows Tenstorrent’s December 2024 Series D round, when it secured more than $693 million in funding led by Samsung Securities and AFW Partners at a $2 billion pre-money valuation. The latest financing increases its post-money valuation to $6.2 billion, more than double the valuation associated with the previous round.
