AI chipmaker Graphcore has raised $200 million in funding from BMW i Ventures and Microsoft.
The latest investment in the company - whose Intelligence Processing Unit (IPU) hardware and software is the first processor to be designed specifically for machine intelligence - puts its valuation above $1.7 million.
"We've created a completely new processor that's the first to be specifically designed for machine intelligence workloads -- an Intelligence Processing Unit (IPU) that will set a new pace of innovation," Graphcore said on its website.
"The IPU has been optimized to work efficiently on the extremely complex high-dimensional models needed for machine intelligence workloads. It emphasises massively parallel, low-precision floating-point compute and provides much higher compute density than other solutions."
This new funding brings the total capital raised by Graphcore to date to over $300 million from the world's leading venture capital, financial and strategic investors that also includes big names such as Robert Bosch, Dell Technologies and Samsung Electronics.
The latest investment from Microsoft is a big win for both Graphcore and the UK's tech sector. In July, a report launched on the eve of London Tech Week suggested that London had twice as many AI companies as Paris and Berlin combined.
Further to the report, a survey commissioned by the Mayor of London found that the UK's capital had some 758 firms who cite AI as a central part of their business models.
But it's not just London that's pulling in tech investment as Bristol-based Graphcore has shown. In October, it was revealed the UK as a whole is leading the way when it comes to producing so-called 'Unicorns' - tech companies that are worth $1 billion.
Looking at the North, Newcastle was crowned the fastest growing tech hub outside of the capital by former Minister for Digital Matt Hancock.
Get the ITPro. daily newsletter
Receive our latest news, industry updates, featured resources and more. Sign up today to receive our FREE report on AI cyber crime & security - newly updated for 2023.
Bobby Hellard is ITPro's Reviews Editor and has worked on CloudPro and ChannelPro since 2018. In his time at ITPro, Bobby has covered stories for all the major technology companies, such as Apple, Microsoft, Amazon and Facebook, and regularly attends industry-leading events such as AWS Re:Invent and Google Cloud Next.
Bobby mainly covers hardware reviews, but you will also recognise him as the face of many of our video reviews of laptops and smartphones.