Eindhoven-based Axelera AI, a leading provider of AI hardware acceleration technology for generative AI and computer vision, has raised €63.5 million ($68 million) in a recent funding round.
This round included both existing and new investors such as Innovation Industries, CDP Venture Capital, Verve Ventures, Invest-NL, the European Innovation Council, and an investment fund from Samsung Electronics.
Advertisement
Accelerating Market Expansion and Innovation
Axelera AI plans to utilize the new funds to expand its presence in North America, Europe, and the Middle East. The company aims to enhance its focus on key sectors including industrial robots, agriculture, automotive, drones, and surveillance. Furthermore, Axelera AI will compete with industry giants like Nvidia to meet the growing demand for computing power in generative AI.
Remarkable Growth and Ambitious Goals
Since its founding in 2021 by Fabrizio Del Maffeo and Evangelos Eleftheriou, Axelera AI has raised a total of $120 million in less than three years. Del Maffeo, the co-founder and CEO, highlighted the vast potential of the market, stating, “We are in Nvidia’s market, the most valuable company in the world.”
Pioneering Edge AI Solutions
Axelera AI is developing cutting-edge edge AI solutions through its Metis AI platform. This platform, which combines hardware and software, is designed to compress the AI processing power of an entire server into a single chip, significantly reducing power consumption and costs. The company employs over 180 people across 17 countries and boasts a team of AI experts, including former employees of Fortune 500 companies and leading AI organizations.
With this substantial investment, the dutch company is well-positioned to drive innovation and expand its market reach, enhancing its role in the global AI landscape.
