Axelera AI, an EIC Scaling Club member in the Next-Gen Computing sector, has announced a $68 million Series B funding round to propel the growth of their AI-accelerating hardware.
In just three years, Axelera AI has built a world-class team of 180+ employees (including 55+ PhD’s with more than 40,000 citations), launched its Metis™ AI Platform which achieves a 3-5x increase in efficiency and performance, and has visibility into a strong business pipeline which exceeds $100 million.
Axelera AI's Series B funding round is Europe’s largest oversubscribed Series B funding round in the semiconductor industry. It is backed by major institutional investors, including the European Innovation Council Fund
Axelera AI business model: performance and efficiency are the keys of its success
Companies are embracing new and innovative ways to incorporate computer vision and generative AI capabilities into business models. However, challenges associated with energy consumption, cost, limited supply and scalability are inhibiting the true potential of AI. Axelera AI addresses these exact industry challenges by providing a solution that delivers unmatched performance and efficiency. This new capital enables Axelera AI to grow its high demand AI inference solutions based on its proprietary digital in-memory computing and RISC-V technology.
Axelera AI’s growth strategy also eyes opportunities across new geographies and market sectors. The Series B funding fosters global expansion for Axelera AI with a focus on growth opportunities in North America, Europe and the Middle East. In addition, the capital facilitates expansion across key vertical markets such as automotive, digital healthcare, Industry 4.0, retail, robots & drones, surveillance and more. The funding also enables Axelera AI to broaden its future product offerings from the edge to the data center to address the growing computing needs for generative AI, large language models and large multi-modal models. This market expansion includes high-performance computing by designing high efficiency, high-performance and price-competitive AI accelerators to power future exa-scale and petascale HPC centers.
IDC forecasts that IT infrastructure for AI semiconductors will reach $193 billion by the end of 2027. To address this market demand, Axelera AI’s Metis™ AI Platform, the industry’s most powerful, cost-effective and energy efficient AI processing unit for inference, will be in full production in the second half of 2024.
About the EIC Scaling Club
Part of the EIC Business Acceleration Services, the EIC Scaling Club is a curated community where 120+ European deep tech scale-ups with the potential to build world-class businesses and solve major global challenges come together with investors, corporate innovators and other industry stakeholders to spur growth. These top 120+ European deep tech companies are carefully selected from a pool of high-growth scale-ups that have benefitted from EIC financial schemes, other European and national innovation programmes, and beyond.
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