Graphcore, a pioneering machine intelligence start-up, has secured $50 million in a Series C funding round led by Sequoia Capital.
This significant investment will enable the Bristol-based company to accelerate production and expand its innovative technologies in the artificial intelligence (AI) sector.
Graphcore has developed a groundbreaking computer chip designed specifically for machine intelligence applications. This new chip, known as the Intelligence Processing Unit (IPU), aims to significantly enhance the speed and efficiency of machine learning and AI tasks.
The substantial funding injection comes at a critical time as Graphcore prepares to ship its first IPU products to selected early access customers at the beginning of 2018.
The $50 million investment will be utilized to scale up production capabilities, foster a community of developers through the Poplar software platform, and advance Graphcore’s extensive product roadmap.
Additionally, part of the funding will be allocated to bolstering the company’s US team based in Palo Alto, thereby ensuring robust support for its customer base.
Graphcore’s CEO, Nigel Toon, emphasized the transformative potential of their IPU technology, stating, “We believe our IPU technology will become the worldwide standard for machine intelligence compute.”
Graphcore’s processor performance is set to revolutionise various sectors, including medical research, robotics, online marketplaces, social networking, and autonomous vehicles.
Toon highlighted the company’s dedication to creating a long-lasting enterprise capable of catering to diverse industry needs globally.
Sequoia Capital, known for its deep understanding of scaling successful businesses, leads this funding round and extends its expertise to support Graphcore’s growth.
Matt Miller, a partner at Sequoia, will join Graphcore’s board of directors, reinforcing the collaborative effort to propel the start-up towards becoming a significant player in the chip market.
Machine intelligence is anticipated to trigger a surge of new applications and services across various industries, with Graphcore poised at the forefront of this evolution.
Miller remarked, “The unique nature of this workload and scale of this opportunity creates an opening where a valuable new chip company can be created.”
He underscored the alignment of Graphcore’s product architecture and team with early market interest, predicting substantial growth and influence for the company.
Graphcore has garnered investments from leading figures in the machine intelligence domain, such as Demis Hassabis, co-founder of DeepMind, and Zoubin Ghahramani from Cambridge University and Uber.
Other notable investors include experts from OpenAI, reinforcing the confidence in Graphcore’s technological advancements and market potential.
The Series C funding round also saw continued support from previous investors including Amadeus Capital Partners, Atomico, Robert Bosch Venture Capital, and Samsung Catalyst Fund.
This ongoing financial backing underscores the strong belief in Graphcore’s innovative capabilities and future growth trajectory.
The $50 million funding round marks a pivotal moment for Graphcore, setting the stage for accelerated advancements in machine intelligence technology.
Graphcore’s strategic alliances and robust investor support position it to significantly impact and lead the future of AI-driven solutions.