Tenstorrent Raises $693M to Challenge Nvidia in AI Chip Market

The startup, backed by Jeff Bezos and Samsung, plans to expand its engineering team and develop cost-effective AI hardware using open-source RISC-V technology.

Tenstorrent's $693 million Series D funding round values the company at $2.6 billion, with investors including Jeff Bezos, Samsung, LG Electronics, and Hyundai Motor Group.
The company focuses on creating affordable and power-efficient AI chips, avoiding Nvidia's reliance on high-bandwidth memory (HBM) to reduce costs.
Led by semiconductor veteran Jim Keller, Tenstorrent advocates for open-source RISC-V processor architecture to foster interoperability and innovation.
The funding will support the expansion of Tenstorrent’s engineering team, global supply chain, and development of AI training servers to showcase its technology.
Despite securing $150 million in contracts, Tenstorrent faces significant competition from Nvidia, which dominates the AI chip market with tens of billions in quarterly revenue.