Graphcore raises an additional $150m

Bristol AI processor company, Graphcore, has raised another $150 million to bring its total funding up to $450 million.

The company, run by Nigel Toon and Simon Knowles, now has $300 million in cash. New backers in this round were Baillie Gifford, Mayfair Equity Partners and M&G Investments, alongside existing investors such as Merian Chrysalis.

Total investment in Graphcore to date is over $450 million with the most recent valuation of the company being put at $1.95 billion.

The company said that after this round of funding will be used to support major R&D investment and global expansion.

Graphcore has been focussed on the development of what it calls its Intelligence Processing Unit (IPU) hardware and corresponding Poplar software, both of which have been designed specifically for the intensive calculations demanded of AI applications.

Graphcore describes its IPU as the first processor to be designed specifically for AI.