Axelera AI, an Eindhoven, The Netherlands-based AI semiconductor startup, raised $12m in seed funding.
The round was led by Bitfury and joined by global nanoelectronics R&D center imec and deep-tech venture capital funds Innovation Industries and imec.xpand.
The company intends to use the funds for the development of its product powering AI applications at the edge.
Led by Fabrizio del Maffeo, CEO and co-founder, Axelera AI is designing advanced solutions for AI at the edge. Its hardware and software product will concentrate the AI computational power of an entire server into a single chip at a fraction of the power consumption and price of AI hardware today. The company’s solution will empower thousands of applications of AI at the edge, making the use of AI efficient and accessible. Axelera AI’s products will be fully integrated with the leading open-sourced AI frameworks when it launches to select customers and partners in early 2022.
Axelera AI was incubated by Bitfury Group in 2019, formerly operating as Bitfury AI until the company came out as an independent entity this year. Headquartered in the AI Innovation Center of the High Tech Campus in Eindhoven, the company also has R&D offices in Leuven (BE) and Zurich (CH). Axelera AI has already recruited a team of more than 20 senior engineers and developers from world-leading AI companies and research centers, including Intel, Qualcomm, IBM, and imec.