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AI chipmaker Graphcore raises $222M at a $2.77B valuation and looks at an IPO

Graphcore, the UK-based AI chipmaker, has raised $222 million. The funding gives Graphcore $440 million in cash on the balance sheet and a post-money, $2.77 billion valuations to start 2021. The company has in recent weeks been rumored to be eyeing up a listing not in the UK but on Nasdaq in the US.

Graphcore raised $150 million in a Series E funding round. The company is now valued at $1.95 billion. CEO says the year has been “challenging and we’ve realigned to speed things up”. Graphcore doesn’t have any plans to make acquisitions: its strategy is based on organic growth. It launched the second generation of its GC200 chip in July.

Graphcore says it is shipping its newest products “in production volume” to customers. Toon said that a couple of big names are likely to be announced in the coming year. “We don’t think the Nvidia ARM deal is a good thing,” said Toon, who sold a previous startup to Nvidia.

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