iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Tenstorrent announced on December 2, 2024, that it closed more than $693 million in Series D financing at a stated $2 billion pre-money valuation. Samsung Securities and AFW Partners led the round. The company said it would use the money to expand its open-source AI software, hiring, global design and development centers, and systems and clouds for AI developers.
What Tenstorrent announced
Tenstorrent said the round was oversubscribed and closed above $693 million. The company identified the $2 billion figure as its pre-money valuation—the valuation before the new investment is added. This was a private financing announcement, not a public-company share offering. Tenstorrent’s announcement provides the company’s account of the terms.
TechCrunch reported a valuation above $2.6 billion, but its surfaced report does not describe that figure using the same pre-money terminology. The available reporting does not reconcile the difference, so the figures should be attributed to their respective sources rather than treated as equivalent calculations. TechCrunch’s report
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Who participated in the round
Samsung Securities and AFW Partners led the financing. Tenstorrent named these additional participants:
#1 Best Overall
- NVIDIA Volta GV100 Architecture — 4,608 CUDA Cores, 640 1st-Gen Tensor Cores delivering 14 TFLOPS FP32 and 112 TFLOPS deep learning performance for AI training, inference, HPC, and scientific computing workloads
- 32GB HBM2 ECC Memory — 900 GB/s Bandwidth — High-bandwidth memory on a 4096-bit bus with ECC error correction provides the memory capacity and throughput required for the largest AI models, simulations, and datasets
- PCIe 3.0 x16 Interface — 250W TDP — Standard PCIe Gen3 connectivity with passive cooling designed for enterprise rack server deployment in HPE ProLiant, Dell PowerEdge, and Supermicro platforms with adequate chassis airflow
- NVLink — Scale to 96GB Unified Memory — Connect two V100 GPUs via NVLink at 300 GB/s bi-directional bandwidth to scale GPU memory from 32GB to 96GB for larger AI training and HPC workloads
- Multi-Precision Computing — Supports FP64 (7 TFLOPS), FP32 (14 TFLOPS), FP16 (112 TFLOPS) and INT8 precision modes for flexible deployment across training, inference, and scientific simulation workloads
- XTX Markets
- Corner Capital
- Protagonist
- MESH
- Export Development Canada (EDC)
- Healthcare of Ontario Pension Plan
- LG Technology Ventures
- Hyundai Motor Group
- Fidelity Management & Research Company
- Innovation Engine
- Baillie Gifford
- Bezos Expeditions
Tenstorrent said Barclays acted as the sole placement agent. Separately, EDC described EDC, Healthcare of Ontario Pension Plan, and Georgian as Canadian participants and said Tenstorrent reaffirmed its commitment to Canada. EDC’s statement
What Tenstorrent does
Tenstorrent describes itself as a company that builds and sells AI computers based on its Tensix cores, develops open-source software stacks, and licenses AI and RISC-V intellectual property to customers that want to own and customize silicon. These are the company’s descriptions of its business; the financing announcement does not independently establish product performance or current product availability.
Rank #2
- High-Performance AI Processing: The MX3 is designed to handle the most demanding AI computer vision workloads, delivering exceptional performance and efficiency.
- Flexible Integration: The MX3 can be easily integrated into your existing systems via its M.2 M-key form factor and support for Linux operating systems.
- Energy Efficient: The MX3 is designed to provide high performance while minimizing power consumption.
- Comprehensive Software Development Kit (SDK): The MX3 is supported by a comprehensive SDK that simplifies development and deployment.
- Hardware compatability: The MX3 is compatible with the PCI-SIG M.2 M-key 2280 Specification. It can be used with the Raspberry Pi 5 with a M-key 2280 HAT.
How the company said it would use the funding
Tenstorrent said the proceeds would support four areas:
- Expanding open-source AI software development
- Hiring
- Building global design and development centers
- Developing systems and clouds for AI developers
Those are announced plans, not evidence that the spending has since occurred. The announcement does not provide a breakdown of how much funding was allocated to each area.
Rank #3
- ✅Powered by 26 Tera-Operations Per Second (TOPS) Hailo-8 AI Processor. 2.5W typical power consumption
- ✅Scalable, enabling simultaneous processing of multi-streams & multi-models
- ✅Enabling real-time, low latency and high-efficiency AI inferencing on the edge devices
- ✅Supports TensorFlow, TensorFlow Lite, ONNX, Keras, Pytorch frameworks
- ✅Supports Linux and Windows. Supports the temperature range of -40°C to 85°C
What the commercial-traction figure means
Tenstorrent COO Keith Witek said the company had approximately $150 million in deals closed and that investors viewed the figure as a signal of commercial traction and market opportunity. The announcement does not define what counted as a deal or describe the figure as audited revenue, so it should not be presented as confirmed sales or recognized revenue.
CEO Jim Keller said: “They realize that the way to win is to get developers on board by giving them all the tools they need to own their own technology.” The comment reflects the company’s stated emphasis on giving developers tools and control over technology.
Rank #4
- 48GB AI graphics accelerator
How to read the valuation and financing figures
When comparing this financing with another company’s raise, check whether the valuation is pre-money or post-money, who supplied each figure, which investors led or participated, and whether announced uses are plans or documented spending. Tenstorrent’s stated $2 billion valuation is explicitly pre-money; the higher figure reported by TechCrunch uses different framing, and the available sources do not explain the calculation. The figures therefore should not be directly substituted for one another.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallQuick Recap
Best Value
- Professional AI & Creator Workstation: AMD Radeon AI PRO R9700 GPU with 32GB GDDR6 is engineered for AI development, professional content creation, and compute-intensive workloads.
- Massive 32GB Memory Capacity: 32GB of GDDR6 memory on a 256-bit bus provides ample bandwidth for large AI models, 8K video editing, and complex 3D rendering.
- Advanced RDNA 4 with AI Accelerators: 64 Compute Units with 3rd Gen Ray Tracing and dedicated 2nd Gen AI Accelerators for groundbreaking AI performance and visual computing.
- Professional Blower Cooling: Efficient single blower design exhausts heat directly out of the chassis, ideal for multi-GPU workstation and server configurations.
- Enterprise-Grade Thermal Solution: Vapor chamber heatsink with industrial Honeywell PTM7950 thermal interface material ensures reliable cooling under sustained professional loads.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
