Artificial intelligence (AI) takes another step forward. Graphcore, a UK chip designer that designs chips specifically for AI, recently closed a $30 M round to support their continued expansion.
The round was led by our client, Atomico and included existing investors Amadeus Capital, Robert Bosch Ventures Captial, C4 Ventures, Dell Technologies Capital, Draper Esprit Plc, Foundation Capital, Pitango and Samsung Catalyst Fund. Atomico is a London-based venture capital firm founded by Niklas Zennstrom, a co-founder of Skype.
According to a recent Bloomberg article, the investors in the round also included several machine learning experts such as Demis Hassabis, the co-founder and CEO of DeepMind. Owned by Alphabet Inc., DeepMind is an AI company which created the software that beat the world’s top players in the strategy game Go. Last week, the New York Times (paywall) reported that China announced its plans to become the world leader in AI by 2030 and create an industry worth $150 billion with AI everywhere.
Howard Watt, Partner at JAG Shaw Baker says that the $30 M deal shows a clear endorsement of the development of AI in Europe and the UK and is a significant contribution towards the build-out of that market.
“We are pleased to have helped Atomico lead this investment round,” said Watt. “The quality of the investor profile for AI companies like Graphcore will set the stage for its continued growth and maturity.”