British unicorn and tech firm Graphcore have announced that they have successfully raised $222m in funding to accelerate the firm’s global expansion develop its IPU silicon, systems and software development.
The Series E funding round is led by Ontario Teachers’ Pensions Plan Board and adds funds managed by Fidelity International and Schroders as new investors. Also participating in this round are existing Graphcore investors, including Baillie Gifford and Draper Esprit.
This investment brings the total funds raised by Bristol-based Graphcore to more than $710m, with the company expecting to have over $440m of cash on hand post-closing to support future growth.
Graphcore is now valued at $2.77bn as a result of the funding.
The new investors bring to the table deep experience in disruptive technology and support for scale-up businesses and underscore the size of the market opportunity that Graphcore is addressing in datacentre AI compute, as well as the maturity of the company’s product offerings.
Founder Nigel Toon commented: “Having the backing of such respected institutional investors says something very powerful about how the markets now view Graphcore.
“The confidence that they have in us comes from the competence we have demonstrated building our products and our business. We have created a technology that dramatically outperforms legacy processors such as GPUs, a powerful set of software tools that are tailored to the needs of AI developers, and a global sales operation that is bringing our products to market.
“With our products, software and global sales operation in place, we expect 2021 to be another big year for the company. Indeed, customers are already taking delivery into their datacentres of IPU-M2000 and IPU-POD64 systems. With advances in artificial intelligence moving apace, we look forward to more innovation, enabled and powered by Graphcore technology.”