This brings the amount of money raised to more than $450 million at a valuation of $1.95 billion, Graphcore Ltd. (Bristol, England) said.
The funding was an extension to the Series D round that Graphcore closed in December 2018 and accommodates new investors Baillie Gifford, Mayfair Equity Partners and M&G Investments alongside existing investors including Merian Chrysalis, Ahren Innovation Capital, Amadeus Capital Partners and Sofina.
Graphcore said it is now holding more than $300 million in cash.
In 2019 Graphcore released the software platform for its IPU (Intelligence Processing Unit), a software development kit to allow developers to run AI models on IPUs and announced that Microsoft’s Azure cloud service was available on IPUs via Dell Technologies IPU servers. There was also an increase in R&D investment with headcount more than doubling during the course of the year. There are now engineering centers in Bristol and Cambridge UK and Oslo, Norway. As well as offices in Palo Alto, Taiwan and China.
Nigel Toon, CEO of Graphcore said: “At the end of 2018 we closed a $200 million Series D investment and we have now extended that funding round with an additional $150m private placement as primary investment.” He added: “We have expanded all of our facilities and opened in new geographies as we build a leading technology company delivering IPU products which we believe will be the industry standard for AI compute.”
Toon said the spending conducted so far is helping meet the strong demand for the company’s products and that the outlook for the fiscal 2020 year is extremely positive.
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