Amazon.com Inc. founder Jeff Bezos has joined Samsung in a $700 million investment in AI chip startup Tenstorrent, which is valued at approximately $2.6 billion.
The funding round, led by South Korea's AFW Partners and Samsung Securities, aims to bolster Tenstorrent's engineering team, enhance its global supply chain, and develop large AI training servers.
Tenstorrent, based in Santa Clara, California, seeks to challenge Nvidia Corp.'s dominance in the AI market by offering more affordable and interoperable technology solutions. The company plans to introduce a new AI processor every two years, in contrast to Nvidia's annual refresh cycle.
Other notable investors in this funding round include LG Electronics Inc., Fidelity, Export Development Canada, Healthcare of Ontario Pension Plan, Hyundai Motor Group, and Baillie Gifford.