Axelera AI increases its Series A funding round to $50m for RISC-V edge AI chip
Dutch startup Axelera AI has raised $50m for its in-memory computing, RISC-V-based edge AI technology and set up a Silicon Valley office.
CDP Venture Capital, Verve Ventures and Fractionelera have joined the oversubscribed Series A round which raised $27m last October. Innovation Industries also increased its investment in the company becoming the largest investor.
The company has developed an in-memory computing and RISCV controlled dataflow technology called Metis AI, with 50 companies signing up for the Early Access Program (EAP). , which still has a few weeks remaining for potential applicants. The EAP supports customers in developing next-generation computer vision products by providing collaborative hardware design, as well as specialized support for software and machine learning.
Compared to existing alternatives, the platform aims to make AI readily accessible to a wider audience with lower power consumption and cost, says the company.
- Dutch chip startup Axelera AI raises $12m
- Axelera AI raises $27m for in-memory computing at the edge
The funding round sees Jonathan Ballon joining as non-executive Chairman and the addition of Sander Arts, a marketing veteran in Silicon Valley as Marketing Advisor. The company is also actively recruiting for a Global Vice President of Sales, business developers and technical support team.
“In just 20 months, we’ve achieved incredible milestones including the tape out of two cutting edge AI chips, securing a total of $50m in funding, forging impactful partnerships and design wins with industry-leading customers. We’re thrilled to bring our new investors into the fold. This is a testament to our trailblazing technology and the unwavering trust our investors place in our extraordinary team,” said Fabrizio Del Maffeo, CEO of Axelera AI.
“We are proud to contribute to the growth of Axelera AI, a great Italian-led European company that is expanding its R&D division in the Milan office by bringing know-how and expertise to a highly strategic market for the future such as semiconductors,” said Mario Scuderi, Senior Partner and head of Evolution Fund, CDP Venture Capital.
The company is currently headquartered in the AI Innovation Centre of the High Tech Campus in Eindhoven with R&D offices in Belgium, Switzerland, Italy and the UK, with more than 120 employees in 14 countries.
“We believe that Axelera AI is in a unique position to capture the rapidly developing edge AI market with a strong combination of next-generation hardware and software. The exceptional founding team has been able to constantly attract top-level talent and push the technology to a commercial level at a high pace. We are excited to join this future European semicon champion on their journey,” said Emma Schepers, Senior Investment Associate at Verve Ventures.
“As one of the first investors in Axelera AI, we are happy to see additional strong investors joining the journey. This further acknowledges the strength of the team, technology and product while positioning the company perfectly for strong growth. We look forward to building this company together with the management team and the investors,” said Sander Verbrugge, Partner at Innovation Industries.
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