Graphcore's funding rises above $100 million

November 13, 2017 // By Peter Clarke
Leading Silicon Valley venture capital firm Sequoia Capital has backed machine learning processor company Graphcore Ltd. (Bristol, England) in a $50 million Series C round of finance that takes the amount raised by Graphcore to $100 million.

Graphcore said it is preparing to ship its first intelligence processing unit (IPU) products to early access customers at the start of 2018. This represents a slight slip in the timetable as Simon Knowles, CTO of Graphcore, had previously said this point would be reached before the end of 2017 (see Graphcore's 'Colossus' chip due before end of year ).

Graphcore said the additional funds would be used for investing in its Palo Alto California customer support team and extending the roadmap of IPUs. "We believe our IPU technology will become the worldwide standard for machine intelligence compute," said Nigel Toon, CEO of Graphcore, in a statement.

Matt Miller, partner at Sequoia, who will join the Graphcore board of directors, said: “We believe Graphcore's product architecture, team and early market interest make it the best positioned new entrant in this market. We look forward to helping them build a large and enduring company.”

The Series C round has full support from existing investors: Amadeus Capital Partners, Atomico, Robert Bosch Venture Capital, C4 Ventures, Dell Technologies Capital, Draper Esprit, Foundation Capital, Pitango Venture Capital and Samsung Catalyst Fund.

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