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Trace Capital and Innovation X led the investment in the Toronto-founded firm. Tenstorrent plans to use the funding to build and ship more Galaxy servers, which run AI models, and develop chip technology it licenses to other companies. (The Logic)
Talking point: Tenstorrent is among the companies challenging Nvidia with hardware designed for inference—the computing required to run AI models after they’ve been trained. Though it moved its headquarters to the U.S. in 2023, its Canadian footprint remains substantial. About 200 of its roughly 1,000 staff are based in Toronto. Previous Canadian backers include Export Development Canada, Georgian and the Healthcare of Ontario Pension Plan. Montreal’s Real Ventures sold its stake last year, The Globe and Mail reported, with the sale returning Real’s entire $88-million third fund.
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