Funding round
Tenstorrent Series C
Tenstorrent, which works in AI compute hardware manufacturing in Santa Clara, raised $100M in a Series C round announced on 2 Aug 2023, led by Hyundai Motor Group and Samsung Catalyst Fund. 7 firms took part. It is Tenstorrent's fourth venture round on record; the one before was a Growth in May 2021.
$100M
Amount raised
Not disclosed
Post-money valuation
7
Investors
2 leads
Valuation
What this round says about the price
Tenstorrent did not disclose a valuation in this round; its last disclosed one was $1.00B at the Growth (May 2021). It came 27 months after Tenstorrent's Growth. It is 4.0% of the $2.51B Tenstorrent has raised in the venture rounds on record. Tenstorrent raised again 16 months later: a Series D round of $693M in Dec 2024, at $2.70B post-money.
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 20 May 2021, led by Fidelity Management and Research Company $200M$1.00B post-money
- Series C this round 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
Hyundai Motor Group and Samsung Catalyst Fund led the round with 5 other firms.
Lead investors
- Hyundai Motor Group new investor
- backs 32 venture-backed companies new investor
Also in the round
- Fidelity Ventures new investor
- Eclipse backs 79 venture-backed companies new investor
- backs 9 venture-backed companies new investor
- Maverick Capital new investor
- Samsung Venture Investment backs 126 venture-backed companies
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations, hiring, sales and marketing, acquisitions and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Hiring
- Sales and marketing
- Acquisitions
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series C rounds in Device Manufacturing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Device Manufacturing | 20 Nov 2023 | $112M | not disclosed | not named |
| Device Manufacturing | 22 Jan 2024 | $7.5M | not disclosed | not named |
| Device Manufacturing | 14 Nov 2022 | $25M | not disclosed | HP Tech Ventures |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Tenstorrent raise in its Series C round?
Tenstorrent raised $100M in its Series C round, announced in Aug 2023.
Who led Tenstorrent's Series C round?
Hyundai Motor Group and Samsung Catalyst Fund led it, with Fidelity Ventures, Eclipse, Epiq Capital, Maverick Capital and Samsung Venture Investment.
What was Tenstorrent's valuation at the Series C round?
It was not disclosed; its last disclosed one was $1.00B at the Growth (May 2021).
Did Tenstorrent raise again after this round?
Yes: a Series D round in Dec 2024 of $693M at $2.70B post-money.