US-based startup Cerebras Systems, which develops massive computing chips for artificial intelligence (AI), raised USD 250 million on 11th November.
Investors: Alpha Wave Ventures and Abu Dhabi Growth Fund (ADG) led the Series F round. Altimeter Capital, Benchmark Capital, Coatue Management, Eclipse Ventures, Moore Strategic Ventures, and VY Capital join the round. In total, Cerebras Systems has raised $720 million.
Purpose of funding: This investment will help the company take its wafer-scale technologies to more enterprises and scientists in their artificial intelligence pursuits. As part of its expansion plans, the company says it plans to hire more designers and developers and expand its AI product offerings. By the end of 2022, the company will increase its workforce to 600 from almost 400 employees today.
About Cerebras Systems
Founded in 2016 by Andrew Feldman, Jean-Philippe Fricker, Michael James, Sean Lie and Gary Lauterbach. Cerebras Systems is based in Sunnyvale, California. Cerebras Systems, designed to accelerate artificial intelligence and change the future of artificial intelligence forever. There has never been a chip as large as the WSE-2. Over 46,225 square millimeters of the chip contain 2.6 trillion transistors. Powered by Cerebras WSE-2 processor, Cerebras CS-2 System provides deep learning developers with orders of magnitude faster performance than general-purpose computing. Cerebras’ technology makes it possible for modern AI to answer questions in minutes instead of months and to do so at a fraction of the time and cost. Additionally, its brain-scale AI innovations will support the multitrillion parameter models of the future.
What the founder has to say
“The Cerebras team and our extraordinary customers have achieved incredible technological breakthroughs that are transforming AI, making possible what was previously unimaginable. This new funding allows us to extend our global leadership to new regions, democratizing AI, and ushering in the next era of high-performance AI compute to help solve today’s most urgent societal challenges – across drug discovery, climate change, and much more,” said Andrew Feldman, CEO and co-founder at Cerebras Systems.
What the investor has to say
“Cerebras Systems is redefining what is possible with AI and has demonstrated best in class performance in accelerating the pace of innovation across pharma and life sciences, multiple other fields, and scientific research. We are proud to partner with Andrew and the Cerebras team to support their mission of bringing high performance AI compute to new markets and regions around the world,” said Rick Gerson, Co-Founder and Chairman at Falcon Edge Capital & Alpha Wave.
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