Axelera AI, a prominent provider of AI hardware acceleration technology, has successfully closed an oversubscribed $68 million Series B funding round. This brings the company’s total fundraising to $120 million. With this new investment, Axelera AI aims to accelerate the development and deployment of its AI inference solutions, address industry challenges related to energy consumption and scalability, and expand its market presence across key verticals and geographies. The funding round was backed by a mix of institutional investors including Invest-NL Deep Tech Fund, the European Innovation Council Fund, and multiple other venture capital and sovereign wealth funds. Axelera AI’s proprietary technology, based on digital in-memory computing and RISC-V, offers increased efficiency and performance for AI applications, which is expected to be in full production by the second half of 2024.

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