University of Bristol-linked Graphcore is reportedly seeking $200m at a $2bn-plus valuation, in a deal that would bring its total to $660m.
Graphcore, a UK-based artificial intelligence processor producer linked to University of Bristol, is looking to raise $200m at a valuation of more than $2bn, Bloomberg reported on Friday.
The newswire cited people with knowledge of the deal who cautioned the $200m figure could change during negotiations.
Founded in 2016, Graphcore has devised a processor called the intelligence processing unit with on-board memory catered to executing deep learning algorithms.
The company was spun out of Xmos, itself a semiconductor technology spinout of University of Bristol, in 2016.
Graphcore still has over $200m to spend from previous rounds but is seeking more equity to meet investor demand.
It has raised a total of $460m to date from investors including Ahren Innovation Capital, a patient capital fund backed by University of Cambridge researchers.
Graphcore is also backed by BMWi Ventures, Robert Bosch Venture Capital, Samsung…
