Cloud-computing startup TensorWave Inc., which exclusively uses Advanced Micro Devices (AMD) technology instead of Nvidia products, was valued at $1.55 billion after raising $350 million in a Series B funding round led by AMD and hedge fund Magnetar Capital, The Wall Street Journal reported on Wednesday.
TensorWave's Chief Executive Darrick Horton said the company was created to "restore competition to the market," adding, "I don't like buying things from monopolies. You don't have a lot of leverage." The company operates data centers using AMD chips and plans to use the fresh capital to expand its infrastructure footprint and purchase additional equipment.
The new investment nearly quadrupled TensorWave's valuation from roughly $400 million a year ago. The company was founded in 2023 and positions itself as an alternative to Nvidia, whose chips dominate the artificial intelligence infrastructure market.
https://breakingthenews.net/Article/Anti-Nvidia-startup-valued-at-dollar1.55B/66477633
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