Bengaluru: Graphcore completed $30 million Series A funding from leading investors Robert Bosh Venture Capital and Samsung Strategy and Innovation Center. Other investors who participated in this round are Amadeus Capital Partners, C4 Ventures, Draper Esprit, Foundation Capital and Pitango Venture Capital. This funding will help Graphcore to accelerate in Artificial Intelligence.
Talking about funding, Nigel Toon, CEO, Graphcore, says, “This funding means we have the resources to innovate faster and execute at scale with backing from some of the biggest names in the technology industry. Our investors are not just bringing money, they’re providing connections and unique market insights that will help us to develop products that solve major industry challenges.”
Founded in 2016, Graphcore is Bristol-England based systems and silicon company that has created the Intelligent Processing Unit (IPU) which they are bringing to market in 2017. This IPU-Appliance will lower the cost of accelerating Artificial Intelligence applications in cloud and enterprise datacenters, and will increase the performance of training and inference by 10x to 100x as compared to fastest system used today.
Dr. Hongquan Jiang, Partner at Robert Bosch Venture Capital GmbH, says, “A unique technology that has massive potential in the fast emerging market for deep learning. A new processor technology is needed for intelligent systems and Graphcore has the first technology that we have seen which really delivers the performance and efficiency needed for this style of compute.”
“Graphcore’s approach is unique in its capability to enable advanced intelligent systems,” says Ekaterina Almasque, Managing Director, Samsung Catalyst Fund, Europe. “It closes the gap between the level of intelligence we want to see on edge devices and compute limitations of existing hardware architectures. At Samsung Catalyst Fund, we invest in disruptive companies in this space, and believe tremendous value will be created in the next 10 years by artificial intelligence applications. Graphcore will play an important role as a key enabling technology."