Tenstorrent Secures $100M Funding from Hyundai and Samsung for AI Chip Development

Canadian AI chip startup Tenstorrent has raised $100 million in funding from Hyundai Motor Group, Samsung's Catalyst Fund, and other investors. Led by chip industry veteran Jim Keller, Tenstorrent aims to challenge Nvidia in the AI chip market. The funding will be used to develop AI chips for data centers and other applications, including smart televisions. Hyundai plans to incorporate Tenstorrent's technology in future vehicles. The funding round was structured as debt that will convert to stock, and Tenstorrent expects to hold another equity fundraising round next year.