The Toronto-headquartered AI semiconductor startup is targeting a mid-September final close for US$150 million in convertible notes with the debt converting to equity at the time of its upcoming Series D round, said Bob Grim, vice-president of business development and communications. Existing investors Fidelity Ventures and Eclipse Ventures also participated. (The Logic)

Talking point: Tenstorrent makes chips and accompanying software specialized for machine learning. The 351-person firm is moving into markets beyond that of data centre servers. Hyundai—which is putting in US$50 million between its Kia and eponymous car brands—plans to work with the startup on tech that will go into its vehicles and other mobility products. Tenstorrent CEO Jim Keller, who took the top job in January, previously worked on the hardware for Tesla’s autopilot system. Samsung’s money comes from its venture arm, which has backed the likes of semiconductor firm Graphcore and Amazon-acquired Ring. Tenstorrent is already working with another South Korean electronics giant—in May, LG licensed its technology to develop TV and auto chiplets.