AI Hardware

Axelera AI Raises $68 Million Series B Funding to Accelerate Next-Generation Artificial Intelligence

Axelera AI, the leading provider of purpose-built AI hardware acceleration technology for generative AI and computer vision inference, raised $68 million in Europe's largest oversubscribed Series B for fabless semiconductors, bringing the total funding to $120 million.

By Priya Khosla June 28, 2024

Source: Axelera AI

In just three years, Axelera AI has built a world-class team of 180+ employees, launched its Metis™ AI Platform which achieves a 3-5x increase in efficiency and performance, and has visibility into a strong business pipeline which exceeds $100 million. This success has attracted diverse, global funding from venture capital, sovereign wealth and pension funds.

Axelera AI's Series B funding round is Europe’s largest oversubscribed Series B funding round in the fabless semiconductor industry. It is backed by major institutional investors, including Invest-NL Deep Tech Fund, the European Innovation Council Fund, Innovation Industries Strategic Partners Fund (backed by Dutch Pension Funds PMT and PME, administered by MN) and Samsung Catalyst Fund, along with existing investors Verve Ventures, Innovation Industries, Fractionelera and the Italian sovereign fund CDP Venture Capital SGR. The new capital adds to previously raised funds, including the innovation credit from RVO, and equity investment from Bitfury, CDP Venture Capital, Federal Holding and Investment Company of Belgium (SFPIM), imec, imec.xpand and Innovation Industries.

“There’s no denying that the AI industry has the potential to transform a multitude of sectors,” said Fabrizio Del Maffeo, Co-Founder and CEO at Axelera AI. “However, to truly harness the value of AI, organizations need a solution that delivers high-performance and efficiency while balancing cost. This funding supports our mission to democratize access to artificial intelligence, from the edge to the cloud. By expanding our product lines beyond the edge computing market, we are able to address industry challenges in AI inference and support current and future AI processing needs with our scalable, proven technology.”

“We are very excited to support Axelera AI in their Series B financing. The company introduces a very innovative approach for high performance AI acceleration at the edge, by implementing Digital In-Memory Computing,” said Marco Chisari, Head of Samsung Semiconductor Innovation Center and Executive Vice President, Samsung Electronics. “Axelera AI’s architecture minimizes data movement between memory and compute elements, aiming to overcome the “Memory Wall” challenge. It also has the promise of significantly reducing power consumption, a critical attribute for AI applications at the edge and beyond.”

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