The intelligent chipmaker, which traces its roots back to University of Bristol, has secured series E funding at a $2.77bn valuation.
Graphcore, the US-based intelligent processor producer with links to University of Bristol, raised $222m in series E funding yesterday at a $2.77bn post-money valuation.
The round was led by Ontario Teachers’ Pension Plan Board and also featured funds managed by investment and financial services group Fidelity and asset manager Schroders, in addition to existing backers including Baillie Gifford and Draper Esprit.
Rumours of the transaction first surfaced last month, when sources told Bloomberg the company was seeking $200m at a valuation of more than $2bn.
Spun off by semiconductor technology producer Xmos –itself a spinout of University of Bristol – in 2016, Graphcore has developed a microprocessor called the Intelligence Processing Unit which is designed for use with next-generation artificial intelligence workloads. It said it has now secured $710m in funding to date.
The company closed its series D round at $350m in…
