Tenstorrent Reinforces its Commitment to Canada in its Strategic-filled Series D Fundraising

TORONTO, Dec. 3, 2024 /CNW/ -- Yesterday, Tenstorrent announced its $693M Series D funding round which featured several Canadian investors including Export Development Canada (EDC), Healthcare of Ontario Pension Plan (HOOPP), and Georgian.  During this raise, Tenstorrent reaffirmed its commitment to Canada and will continue to grow its investment level and workforce in Canada. 

Founded in Toronto in 2016, Tenstorrent builds and sells computers for artificial intelligence that are built using its Tensix cores. In addition to selling hardware, the open-source software stacks really set Tenstorrent apart from other players in the market. Tenstorrent licenses AI and RISC-V intellectual property to customers that want to own and customize their silicon.   

Tenstorrent will use the Series D funding to build out open-source AI software stacks, hire developers, expand its global development and design centers, and build systems and clouds for AI developers.    

"As a fellow Canadian and given Canada's role in the development and the future of AI, it was important to me that Tenstorrent reinforced our commitment to Canada during this funding round," said Tenstorrent's Chief Customer Officer David Bennett. "Our Toronto office remains the number one spot for our AI hardware development team.  The heart of our technology was invented in Canada and even though Tenstorrent has grown and expanded world-wide, we remain committed to growing our presence in Canada and helping the Canadian AI ecosystem continue to grow and flourish."

"Tenstorrent is leading the way in AI hardware innovation, backed by a strong leadership team and strategic partnerships to help expand its capabilities in Canada and globally," says Rami Gabriel, Vice-President, Mid-Market Growth Business at EDC. "We are excited to co-invest alongside such prestigious institutions to support the company's expansion. Underpinning our partnership with Tenstorrent is the company's commitment to growing its presence and impact in Canada and a shared goal of helping Canada maintain its global leadership position and competitive edge in AI."

"We are pleased to support Tenstorrent as they deepen their roots in Canada's innovation economy on their path to designing cutting-edge systems for AI workloads," said Adrian Mitchell, Senior Managing Director, Public Equities at HOOPP. "The AI hardware market is evolving very quickly. We are excited to have investments in our portfolio with potential to generate strong returns for the Plan as a result of the growth in AI use cases in the years ahead." 

"Through our AI Lab, we saw the practical advantages of Tenstorrent's hardware design and open-source software," said Margo Wu, Lead Investor at Georgian. "We look forward to seeing the company contribute meaningfully to Canada's AI ecosystem, as it looks to fulfill a need for next generation AI infrastructure."

About Tenstorrent

Tenstorrent is a next-generation computing company that builds computers for AI. Tenstorrent is headquartered in North America and has locations in Toronto, Austin, and Silicon Valley, and global offices in Belgrade, Tokyo, Bangalore, Singapore, and Seoul. Tenstorrent brings together experts in the field of AI software, computer architecture, silicon design, and advanced systems. Tenstorrent is backed by Eclipse Ventures and Real Ventures, among others. Learn more @ tenstorrent.com.

About EDC

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

About HOOPP

HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members. 

HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan. 

About Georgian

Georgian invests in high-growth B2B software companies and builds software to help those companies scale faster. We seek to identify and accelerate leading growth-stage software companies in our thesis areas of Applied AI, Conversational AI, Trust and Product-Led Purpose. Based in Toronto, Georgian's team brings together investors with machine learning professionals, software entrepreneurs and experienced operators. Visit www.georgian.io for more information.

Contact: Bob Grim, pr@tenstorrent.com  

SOURCE Tenstorrent