Kalray gains Chinese backing in $26 million funding round

Kalray gains Chinese backing in $26 million funding round

Business news |
By Peter Clarke

The first tranche of $15 million to be issued immediately and a second of $11million is scheduled for the end of 2017. New investors in this round include lead investor Safran Corporate Ventures and Pengpai, a France-based venture capital fund that directs Chinese investment towards European technology-based companies with growth potential in Asia.

In addition to providing funds Pengpai helps European companies put partnerships in place with Chinese companies to help develop a position in Chinese markets.

Since its spin-off from CEA-Leti in 2008, Kalray has developed a series of massively parallel many-core processors with use in data centers, networking and in embedded applications such as aerospace, defense and autonomous vehicles.

The latest round of funding, which brings the total raised by Kalray to more than $65 million, will be used to develop and launch Coolidge, Kalray’s third generation of processor (see Kalray’s Coolidge processor adds deep learning acceleration). Kalray also plans to recruit additional engineers in Grenoble, and to strengthen its commercial network internationally. Kalray plans to open more than 15 positions over the next couple of months, in France and abroad.

“The arrival of new technologies, like artificial intelligence and rapid memory storage, will revolutionize our lives, but also create a striking need for high-performance real-time processing over the next few years,” said eric Baissus, CEO of Kalray, in a statement.

Related links and articles:

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Kalray’s Coolidge processor adds deep learning acceleration

Kalray turns to neural networks

French parallel processing research wins €32m funding

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