Funding round
Tenstorrent Series D
Tenstorrent, which works in AI compute hardware manufacturing in Santa Clara, raised $693M in a Series D round announced on 2 Dec 2024, led by Samsung Securities and AFW Partners, at a $2.70B post-money valuation. 16 firms took part, 3 of them already investors. It is Tenstorrent's fifth venture round on record; the one before was a Series C in Aug 2023.
$693M
Amount raised
$2.70B
Post-money valuation
$2.01B pre-money
16
Investors
2 leads
2.7x
Step-up from the Growth
$1.00B in May 2021
26%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Tenstorrent at $2.70B after the new money, 2.7 times the $1.00B of its Growth (May 2021). The $693M bought investors about 26% of the company. It came 16 months after Tenstorrent's Series C. It is 28% of the $2.51B Tenstorrent has raised in the venture rounds on record. Tenstorrent raised again 22 months later: a Series E round of $1.50B in Oct 2026, at $6.20B 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 2 Aug 2023, led by Hyundai Motor Group and Samsung Catalyst Fund $100M
- Series D this round 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
Samsung Securities and AFW Partners led the round with 14 other firms. Fidelity Management & Research Company, Hyundai Motor Group and MESH had backed Tenstorrent before.
Lead investors
- Samsung Securities new investor
- backs 3 venture-backed companies new investor
Also in the round
- Bezos Expeditions new investor
- Fidelity Management & Research Company existing investor
- Hyundai Motor Group existing investor
- LG Electronics new investor
- XTX Markets new investor
- Corner Capital new investor
- backs 12 venture-backed companies existing investor
- Export Development Canada new investor
- Healthcare of Ontario Pension Plan new investor
- Baillie Gifford new investor
- backs 26 venture-backed companies new investor
- Innovation Engine new investor
- backs 54 venture-backed companies new investor
- Fidelity
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Crusoe Hosting & Cloud Infrastructure Providers | 12 Dec 2024 | $600M | $2.80B | Founders Fund |
| Tyme Group Banks & ATMs | 17 Dec 2024 | $250M | $1.50B | Nubank |
| Oura Medical Supply Manufacturers | 19 Dec 2024 | $200M | $5.20B | Fidelity Management & Research Company and Dexcom |
| Ayar Labs Electronical Components Manufacturing | 11 Dec 2024 | $155M | $1.00B | Advent International and Light Street Capital |
| Financial Services | 2 Dec 2024 | $135M | not disclosed | Accel |
| Tech Companies | 12 Dec 2024 | $96M | $511M | Ontario Teachers’ Pension Plan |
| Industrial Machinery & Supplies | 5 Dec 2024 | $91M | not disclosed | Congruent Ventures |
| Electric Supplies & Power Generation | 4 Dec 2024 | $67M | not disclosed | not named |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Tenstorrent raise in its Series D round?
Tenstorrent raised $693M in its Series D round, announced in Dec 2024.
Who led Tenstorrent's Series D round?
Samsung Securities and AFW Partners led it, with Bezos Expeditions, Fidelity Management & Research Company, Hyundai Motor Group, LG Electronics and XTX Markets and 9 more.
What was Tenstorrent's valuation at the Series D round?
$2.70B post-money ($2.01B pre-money).
Did Tenstorrent raise again after this round?
Yes: a Series E round in Oct 2026 of $1.50B at $6.20B post-money.