Funding round
Tenstorrent Growth
Reported as "Growth Equity"
Tenstorrent, which works in AI compute hardware manufacturing in Santa Clara, raised $200M in a Growth round announced on 20 May 2021, led by Fidelity Management and Research Company, at a $1.00B post-money valuation. 8 firms took part. It is Tenstorrent's third venture round on record; the one before was a Series B in Jan 2019.
$200M
Amount raised
$1.00B
Post-money valuation
$800M pre-money
8
Investors
1 lead
20%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Tenstorrent at $1.00B after the new money. The $200M bought investors about 20% of the company. It came 28 months after Tenstorrent's Series B. It is 8.0% of the $2.51B Tenstorrent has raised in the venture rounds on record. Tenstorrent raised again 27 months later: a Series C round of $100M in Aug 2023. Its next priced round, a Series D in Dec 2024, valued it at $2.70B.
Tenstorrent's funding rounds
Tenstorrent has 6 venture rounds on record. This one is highlighted.
- Series A 8 Feb 2018 $500K
- Series B 23 Jan 2019, led by EPIQ Capital Group $21M
- Growth this round 20 May 2021, led by Fidelity Management and Research Company $200M$1.00B post-money
- Series C 2 Aug 2023, led by Hyundai Motor Group and Samsung Catalyst Fund $100M
- Series D 2 Dec 2024, led by Samsung Securities and AFW Partners $693M$2.70B post-money
- Series E 19 Oct 2026, led by Trace Capital and Innovation X $1.50B$6.20B post-money
Investors
Who put money in
Fidelity Management and Research Company led the round with 7 other firms.
Lead investor
- Fidelity Management and Research Company new investor
Also in the round
- Eclipse backs 79 venture-backed companies new investor
- Epic CG new investor
- Moore Capital new investor
- backs 56 venture-backed companies new investor
- backs 2 venture-backed companies new investor
- Menlo Ventures backs 215 venture-backed companies new investor
- Norwest backs 215 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development.
- Product development
Comparable rounds
How it compares
The closest in time, other companies' Growth rounds in Device Manufacturing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Device Manufacturing | 22 Sep 2021 | $100M | $700M | not named |
| Device Manufacturing | 8 Dec 2021 | $100M | not disclosed | Francisco Partners |
| Device Manufacturing | 16 Mar 2022 | $157M | not disclosed | OPPO and IDG Capital |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Tenstorrent raise in its Growth round?
Tenstorrent raised $200M in its Growth round, announced in May 2021.
Who led Tenstorrent's Growth round?
Fidelity Management and Research Company led it, with Eclipse, Epic CG, Moore Capital, Real Ventures and KG Investments and 2 more.
What was Tenstorrent's valuation at the Growth round?
$1.00B post-money ($800M pre-money).
Did Tenstorrent raise again after this round?
Yes: a Series C round in Aug 2023 of $100M.