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Axelera AI, which provides purpose-built AI hardware acceleration technology for generative AI and computer vision inference, has raised $68 million in a new funding round from both existing and new investors.

The investment is backed by existing investors Innovation Industries, CDP Venture Capital, and Verve Ventures, as well as Invest-NL, the European Innovation Council, and a Samsung Electronics investment fund.

The announcement comes more than a year after raising €46.25 million in an oversubscribed Series A round. Axelera plans to use the funds to expand into new regions and markets, particularly in North America, Europe, and the Middle East.

The company also intends to focus on industrial robots, agriculture, automobiles, drones, and surveillance. Additionally, Axelera will compete with Nvidia in the field of generative AI to meet the growing computing demand, according to fd.nl.

In an interview, co-founder and CEO Fabrizio Del Maffeo said:

“We’ve raised $120 million in less than three years. That’s a lot of money for a chip company without factories. But it’s a drop in the ocean when you consider the market’s potential. “We are in the market of Nvidia, the world’s most valuable company.”

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The startup claims to be developing the world’s most efficient and sophisticated edge AI solutions. It provides edge AI solutions via its Metis AI platform.

Last year, the company officially launched the Metis AI Platform, a comprehensive hardware and software solution for accelerating computer vision processing at the Edge. The company’s hardware and software solution would combine the AI processing capabilities of an entire server into a single chip at a fraction of the power and cost of current AI technologies.

Axelera AI, with offices in Belgium, Switzerland, Italy, and the United Kingdom, as well as its headquarters at the AI Innovation Centre of the High Tech Campus in Eindhoven, employs over 180 people from 17 different countries. The company claims that its AI software and hardware professionals have previously worked for Fortune 500 corporations and leading AI organizations.

Image Credit: Axelera AI

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