Tenstorrent, a leading provider of scalable and cost-effective AI inference solutions for cloud and edge, today announced the completion of its Series D funding round, raising a total of $693M+. The investment was led by Samsung Securities and AFW Partners, with participation from existing investors WRVI Capital, GGV Capital, and ClearVue Partners. This latest funding brings Tenstorrent’s total funding to date to over $820 million.
Tenstorrent has experienced significant momentum in recent years. The company’s revenue grew by triple digits in 2022, and it has signed several major customer contracts with Fortune 500 companies across industries such as automotive, retail, finance, and healthcare. Tenstorrent’s technology has been recognized by industry analysts and customers for its ability to deliver high performance and cost-effectiveness for AI inference applications.
The market for AI inference solutions is expected to grow rapidly in the coming years. According to a recent report by Grand View Research, the global market for AI inference chips is projected to grow at a compound annual growth rate of 34.1% from 2023 to 2030. This growth is being driven by the increasing adoption of AI in various industries and the need for high-performance and cost-effective inference solutions.
The proceeds from the Series D funding will be used to accelerate Tenstorrent’s product development, expand its global operations, and meet the growing demand for its AI inference solutions. Tenstorrent plans to invest in its Graviton Inference Processor, as well as develop new products and solutions for cloud and edge deployments. The company will also expand its sales and marketing team to support its growing customer base.
Tenstorrent’s Series D funding round underscores the company’s leadership in the AI inference market. With its leading-edge technology, strong customer base, and experienced management team, Tenstorrent is well-positioned to capitalize on the rapidly growing demand for AI inference solutions. The company’s latest funding will provide it with the resources to continue innovating and delivering best-in-class solutions for its customers.
