Yesterday, Tenstorrent announced its $693M Series D funding round which featured several Canadian investors including Export Development Canada (EDC), Healthcare of Ontario Pension Plan (HOOPP), and Georgian. During this raise, Tenstorrent reaffirmed its commitment to Canada and will continue to grow its investment level and workforce in Canada.
Founded in Toronto in 2016, Tenstorrent builds and sells computers for artificial intelligence that are built using its Tensix cores. In addition to selling hardware, the open-source software stacks really set Tenstorrent apart from other players in the market. Tenstorrent licenses AI and RISC-V intellectual property to customers that want to own and customize their silicon.
Tenstorrent will use the Series D funding to build out open-source AI software stacks, hire developers, expand its global development and design centers, and build systems and clouds for AI developers.
“As a fellow Canadian and given Canada’s role in the development and the future of AI, it was important to me that Tenstorrent reinforced our commitment to Canada during this funding round,” said Tenstorrent’s Chief Customer Officer David Bennett. “Our Toronto office remains the number one spot for our AI hardware development team. The heart of our technology was invented in Canada and even though Tenstorrent has grown and expanded world-wide, we remain committed to growing our presence in Canada and helping the Canadian AI ecosystem continue to grow and flourish.”
“Tenstorrent is leading the way in AI hardware innovation, backed by a strong leadership team and strategic partnerships to help expand its capabilities in Canada and globally,” says Rami Gabriel, Vice-President, Mid-Market Growth Business at EDC. “We are excited to co-invest alongside such prestigious institutions to support the company’s expansion. Underpinning our partnership with Tenstorrent is the company’s commitment to growing its presence and impact in Canada and a shared goal of helping Canada maintain its global leadership position and competitive edge in AI.”
“We are pleased to support Tenstorrent as they deepen their roots in Canada’s innovation economy on their path to designing cutting-edge systems for AI workloads,” said Adrian Mitchell, Senior Managing Director, Public Equities at HOOPP. “The AI hardware market is evolving very quickly. We are excited to have investments in our portfolio with potential to generate strong returns for the Plan as a result of the growth in AI use cases in the years ahead.”
“Through our AI Lab, we saw the practical advantages of Tenstorrent’s hardware design and open-source software,” said Margo Wu, Lead Investor at Georgian. “We look forward to seeing the company contribute meaningfully to Canada’s AI ecosystem, as it looks to fulfill a need for next generation AI infrastructure.”
