Tenstorrent has completed a $100 million funding round, accelerating the design and development of AI chiplets and its machine learning software roadmap.

Tentorent announced on the 3rd that it has completed a strategic investment of $100 million led by Hyundai Motor Group and Samsung Catalyst Fund (SCF), with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital.

Tensorrent is engaged in the sales business of artificial intelligence (AI) processors, as well as the licensing business of AI and RISC-V IP targeting customers who wish to own and customize their semiconductors. Both Hyundai Motor Group and Samsung have demonstrated strong product leadership over a long history and have achieved significant success in their respective target markets.

“We are incredibly grateful to Hyundai Motor Group and Samsung Catalyst Fund for their confidence in TenStorrent as they led this investment round,” said Jim Keller, CEO of TenStorrent. “It is impressive to see how Hyundai Motor Group has become a top 3 global automaker through its aggressive adoption of innovative technologies, including the acquisition of Boston Dynamics, the formation of a joint venture with Aptiv, and this investment in TenStorrent.”

“Tenstorent’s high growth potential and high-performance AI semiconductors will greatly help Hyundai Motor Group secure competitive technologies for future mobility,” said Kim Heung-soo, Executive Vice President and Head of Hyundai Motor Group’s Global Strategy Office (GSO). “Through this investment, Hyundai Motor Group expects to be able to develop semiconductor technologies optimized and differentiated for future mobility and strengthen its internal capabilities related to AI technology development.”

CEO Jim Keller continued, “Samsung has long been a leader in the electronics industry and is the ideal partner to co-lead this investment.”

“Samsung Catalyst Fund invests in disruptive ideas that have the potential to change the world,” said Marco Chisari, Executive Vice President (EVP) and Head of the Samsung Semiconductor Innovation Center (SSIC) at Samsung Electronics. “Tenstorent’s industry-leading technology, leadership from its executives, and aggressive roadmap motivated SCF to co-lead this funding round. “We are excited to have the opportunity to work with TensorTorrent to accelerate AI and computing innovation,” he said.

The capital raised through this round will be used to accelerate product development, the design and development of AI chiplets, and the machine learning software roadmap.