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Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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UK chipmaker Graphcore raises $222m

Graphcore



Graphcore has raised more than $710m in funding since its official founding in 2016

Graphcore, the UK maker of chips designed for use in artificial intelligence, has raised $222m (£164m) from investors, valuing the company at $2.8bn.

The Bristol-based company’s latest round of funding was led by the Ontario Teachers’ Pension Plan as well as investors including Fidelity International and Schroders. Existing Graphcore investors including Baillie Gifford and Draper Esprit also joined the round.

The $2.8bn valuation propels Graphcore further up the ranks of the UK’s most valuable private tech companies as it seeks to confirm its position in the fast-growing artificial intelligence industry. The company has $440m in cash as it seeks to expand.

Graphcore first achieved the coveted “unicorn” status, a valuation above $1bn, in 2018, when it raised $200m for a valuation of $1.8bn. Since its official founding in 2016, Graphcore has raised more than $710m in funding from investors, including the carmaker BMW, the tech companies Microsoft and Samsung, and the prominent Silicon Valley venture capital firm Sequoia Capital.

Plans for Graphcore were first started in late 2013 by chief executive Nigel Toon and chief technology officer Simon Knowles, both of whom were previously directors at Icera, a business making chips for 3G mobile network infrastructure. Icera was sold to US chipmaker Nvidia in 2011.

Graphcore’s technology, which it calls “intelligence processing units”, is designed to handle the power-hungry requirements of machine learning, in the expectation that its use will grow rapidly across high-tech industries.

The company hopes to differentiate itself from rivals making graphics processing units (GPUs), including Nvidia. Toon said the company’s technology “dramatically outperforms legacy processors such as GPUs”.

Graphcore’s investment round underlines the intense rivalry in the semiconductor industry.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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