AI chip maker Tenstorrent has closed a $100 million strategic financing up-round led by Hyundai Motor Group and Samsung Catalyst Fund, with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital, and Maverick Capital, among others.

Tenstorrent sells AI processors and licenses AI and RISC-V IP to customers that want to own and customise their silicon. Funding will be used to accelerate the company’s product development, the design and development of AI chiplets, and its ML software roadmap, the company said.

Jim Keller, CEO of Tenstorrent, said, “The trust in Tenstorrent shown by Hyundai Motor Group and Samsung Catalyst Fund leading our round is truly humbling. It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology, including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us.”

Tenstorrent is a next-generation computing company that builds computers for AI. Headquartered in Toronto, Canada, with US offices in Austin, Texas, and Silicon Valley, and global offices in Belgrade, Tokyo, and Bengaluru. 

“Tenstorrent’s high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobility. With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobility and strengthen internal capabilities in AI technology development,” said Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO) at Hyundai Motor Group.

The company says it brings together experts in the fields of computer architecture, ASIC design, advanced systems, and neural network compilers. Tenstorrent is backed by Hyundai Motor Group, Samsung Catalyst Fund, Fidelity Ventures, Eclipse Ventures, and Real Ventures, among others.