AI

IPU Maker Graphcore Raises USD222 Million in Series E Funding Round

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Graphcore, the inventor of the IPU processor designed to speed up AI, has announced that it has raised USD 222 million in a Series E funding round that will boost company value to USD 2.77 billion. Since its founding in 2016, Graphcore has raised over $710 million in funding. The new investment will be used to support the company’s continued global expansion and to further accelerate future IPU silicon, systems and software development.

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) led the round with participation from funds managed by Fidelity International and Schroders, along with existing Graphcore investors including Baillie Gifford and Draper Esprit. This investment brings the total funds raised by Graphcore to more than $710 million, with the company expecting to have over $440 million of cash on hand post-closing to support future growth. (Source)


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