Graphcore, a Bristol, England, UK-based developer of intelligence processors, raised $50m in Series C funding.
The round was led by by Sequoia Capital with participation from Amadeus Capital Partners, Atomico, Robert Bosch Venture Capital, C4 Ventures, Dell Technologies Capital, Draper Esprit, Foundation Capital, Pitango Venture Capital and Samsung Catalyst Fund. In conjunction with Matt Miller, partner at Sequoia, will join the Graphcore board of directors.
The company intends to use the funds to scale up production, build a community of developers around the Poplar software platform, and invest in its Palo Alto-based US team to support customers.
Led by Nigel Toon, CEO, Graphcore is a machine intelligence company that prepares to ship its first Intelligence Processing Unit (IPU) products (designed to improve performance of machine intelligence training and inference workloads) to early access customers at the start of 2018.
Advances in performance can enable developers to run existing machine intelligence models faster using less power in order to undertake entirely new types of work.
The company has received investments from machine intelligence experts including Demis Hassabis, co-founder of DeepMind, Zoubin Ghahramani of Cambridge University and Chief Scientist at Uber and Pieter Abbeel, Greg Brockman, Scott Grey and Ilya Sutskever, from OpenAI.