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. This was a private-company financing announcement, not a public share offering.
What Tenstorrent announced
The company said the round was oversubscribed and closed above $693 million. Its stated valuation was $2 billion before the new investment, or pre-money. Tenstorrent named Samsung Securities and AFW Partners as the lead investors and said Barclays acted as sole placement agent. Tenstorrent’s announcement lists participants including XTX Markets, Corner Capital, Protagonist, MESH, Export Development Canada, Healthcare of Ontario Pension Plan, LG Technology Ventures, Hyundai Motor Group, Fidelity Management & Research Company, Innovation Engine, Baillie Gifford, and Bezos Expeditions.
Why reports cite different valuation figures
Tenstorrent reported a $2 billion pre-money valuation. A contemporaneous TechCrunch report described the company as valued above $2.6 billion, but did not use the same pre-money wording. The available sources do not explain how the figures were calculated, so they should not be treated as directly interchangeable.
What Tenstorrent does
Tenstorrent describes itself as a maker and seller of AI computers based on its Tensix cores, a developer of open-source software stacks, and a licensor of AI and RISC-V intellectual property. The company says its licensing model is intended for customers that want to own and customize silicon. These are company descriptions; the financing announcement does not independently establish product performance or current product availability.
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- ✅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
How Tenstorrent said it would use the funding
Tenstorrent said it planned to use the proceeds to expand open-source AI software, hire staff, grow global design and development centers, and build systems and clouds for AI developers. Those are announced intentions, not verified spending outcomes.
Canadian investor Export Development Canada separately said the financing included Canadian participants EDC, Healthcare of Ontario Pension Plan, and Georgian, and that Tenstorrent reaffirmed its commitment to Canada. EDC’s account of the financing provides that Canadian context.
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.
What the $150 million deals figure means
Tenstorrent COO Keith Witek said the company had approximately $150 million in deals closed and that investors viewed this as a signal of commercial traction and market opportunity. The announcement does not define those deals or describe the figure as audited revenue, so it should not be presented as confirmed sales or earnings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the financing does—and does not—tell investors
The round shows that Tenstorrent secured substantial private financing from a mix of strategic and financial investors. The announcement also identifies areas where the company said it intended to invest. It does not disclose how much each investor contributed, document how proceeds were ultimately spent, or provide independent measures of revenue, market size, or product performance. Because the transaction was announced in December 2024, its terms are historical; the announcement alone does not establish Tenstorrent’s current product lineup, availability, or cloud offerings.
Quick Recap
Rank #3
- Hailo-10H AI accelerator delivering 40 TOPS (INT4) inferencing performance.
- Performance for computer vision models comparable to the Raspbery Pi AI HAT+ (26 TOPS).
- Runs generative AI models efficiently using 8GB on-board RAM.
- Fully integrated into Raspbery Pi’s camera software stack.
- Conforms to Raspbery Pi HAT+ specification.
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