Dutch AI Chip Startup Axelera Secures $68 Million in Series B Funding
Eindhoven, Friday, 28 June 2024.
Axelera AI, a Dutch startup developing advanced AI chips for edge devices, has raised $68 million in Series B funding. The investment will fuel expansion into new markets and accelerate development of their Metis AI Platform, which promises significant performance gains in AI processing.
Funding to Drive Global Expansion
The $68 million Series B funding round, led by institutional investors including Invest-NL Deep Tech Fund and the European Innovation Council Fund, marks a critical milestone for Axelera AI. This funding round, which is Europe’s largest oversubscribed Series B in the fabless semiconductor industry, brings the total amount raised by the company to $120 million. The influx of capital will propel Axelera AI’s expansion into various sectors, including automotive, digital healthcare, and high-performance computing. With a $100 million business pipeline, the company is well-positioned to meet the growing demand for AI solutions in these industries.
Innovative AI Hardware: The Metis AI Platform
At the heart of Axelera AI’s success is the Metis AI Platform, which has been lauded for its efficiency and performance. The platform’s AI Processing Unit (AIPU) is designed for edge devices such as robots and drones, enabling these devices to perform complex AI tasks without relying on cloud connectivity. This innovation achieves a 3-5x increase in efficiency and performance compared to existing solutions. The AIPU functions like a mini data center within each device, accelerating data processing and reducing energy consumption through in-memory computing technology.
Applications and Market Potential
Axelera AI’s technology is not just limited to edge devices. The company plans to expand its AI hardware applications into data centers and supercomputers, aiming to compete directly with industry giants like Nvidia. By democratizing access to AI, Axelera AI seeks to make advanced AI capabilities available to a broader range of industries, including agriculture, surveillance, and industrial robots. The company’s vision is to enable AI-driven innovations across various sectors, significantly improving efficiency and reducing operational costs.
Leadership and Vision
Founded in 2021 by Fabrizio Del Maffeo and Evangelos Eleftheriou, Axelera AI is headquartered in Eindhoven, Netherlands, a renowned hub for semiconductor technology. The company’s leadership team includes seasoned professionals from leading AI organizations and Fortune 500 companies. Their collective expertise has been instrumental in developing the cutting-edge Metis AI Platform and positioning Axelera AI as a leader in the AI hardware space. With offices in Belgium, Switzerland, Italy, and the UK, the company employs over 180 individuals from diverse backgrounds.
Future Prospects
As Axelera AI continues to innovate and expand, the future looks promising. The company is currently shipping evaluation kits for its AI hardware, allowing potential customers to test and integrate the technology into their products. With a clear mission to democratize AI and a robust pipeline of projects, Axelera AI is set to play a pivotal role in shaping the future of AI hardware. The investment from prominent institutions and the support of global tech leaders like Samsung Catalyst underline the confidence in Axelera AI’s vision and technological prowess.