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, the chip startup led by vaunted semiconductor engineer , says it raised more than $693 million in a Series D funding that gives it a $2 billion pre-money valuation.

and led the round. 鈥� , . and also joined the funding for Tenstorrent, which aims to rival semiconductor giant in the creation of chips for AI., , , and other investors also participated in the deal.

Santa Clara, California-based Tenstorrent was founded in 2016 and the company has since raised more than $1 billion, .

Keller, one of the most acclaimed engineers in the semiconductor industry, the company in 2021 as president and chief technology officer, and was named CEO in early 2023. He had previously worked at , , 鈥斅爓here he led the development of the A4 and A5 processors, which powered the iPhone 4 鈥� and , where he was the lead architect of its K8 microarchitecture.

Bloomberg that Tenstorrent鈥檚 latest funding was $700 million total and its post-money valuation is about $2.6 billion.

Tenstorrent it plans to use the new capital to 鈥渂uild out open-source AI software stacks, hire developers, expand its global development and design centers, and build systems and clouds for AI developers.鈥�

The company is just the latest startup at the intersection of chips and AI to raise big from investors this year. Others include:

• In October, , a startup that uses light to link chips together and to do calculations for the deep learning necessary for AI, locked up a $400 million Series D led by new investor at a $4.4 billion valuation.
• raised nearly $275 million 鈥� mainly from the German government 鈥斅爄n July.
• In March, optical interconnectivity startup raised a $175 million Series C led by 鈥檚 . Celestial鈥檚 photonic fabric platform helps separate compute and memory, making processing extensive AI faster and more energy-efficient.
• San Francisco-based locked up a $120 million round led by and in June.
• That was after Israel-based AI chipmaker locked up a $120 million extension of its $136 million Series C in April. The new funding round was led by current and new investors including , and others.
• In February, San Jose, California-based , which is developing its AI inference chip for both the generative AI and automotive industries, raised a $102 million Series C co-led by and .
• Santa Clara, California-based , a developer of a laser manufacturing technology platform for the semiconductor industry, raised an $80 million Series B led by in July.
• Also in July, San Jose, California-based raised $75 million in an equity round co-led by the and .

In March, AI chip startup became one of the few venture-backed startups to go public this year. The company raised $713 million in an IPO on the when its shares priced at $36 each. The company has been trading above the $100-mark lately.

鈥� Chris Metinko contributed to this report.

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