AI start-up Axelera AI launches with $12m seed round

AI start-up Axelera AI launches with $12m seed round

The AI Semiconductor startup Axelera AI has announced that it has successfully closed a seed
investment round of $12m.

The round was led by Bitfury, an emerging technologies specialist, and was joined by global nanoelectronics R&D centre imec and deep-tech venture capital funds Innovation Industries and imec.xpand. The funding will be used to support the company’s development of AI applications at the edge.

The company was incubated by Bitfury Group in 2019, formerly operating as Bitfury AI until it came out as an independent entity earlier this year.

Building on its extensive research and development focused on integrating hardware and software technologies for edge and cloud-to-edge enterprise solutions, Axelera AI also joined forces with imec in 2020 in order to develop computing architecture for high-performance AI.

The company is headquartered in the AI Innovation Center of the High-Tech Campus in Eindhoven, and has R&D offices in Leuven (BE) and Zurich (CH) and has already recruited a team of 20 senior engineers and developers from the likes of Intel, Qualcomm, IBM, and imec.

“With our launch as a new independent company and the closing of this investment, Axelera AI is now claiming its place as a significant player in the global AI sector,” said Fabrizio del Maffeo, CEO and co-founder of Axelera AI. “Our team merges complementary expertise in software development, image processing, dataflow architecture, in-memory computing, algorithms and quantization with a proven track record of business success, and we look forward to building on our extensive R&D, introducing new solutions across the globe in the next few years.”