Artificial intelligence-focused computer chip startup Axelera AI B.V. said today that a number of new investors have joined its oversubscribed Series A funding round, bringing its total amount raised to $50 million.

The new investors include CDP Venture Capital, Verve Ventures and a consortium known as Fractionelera, which was created by a number of interested backers specifically to invest in the company. Meanwhile, the lead investor in the round, Innovation Industries, has also increased its investment.

Axelera AI is a Netherlands-based startup that was founded in 2021. It’s developing a specialized computer chip that’s optimized to run AI software at the network edge, or outside data centers. It says its silicon will be highly sought after for use in training connected devices such as industrial robots and internet of things systems.

The startup’s chip is based on a RISC-V architecture and features an in-memory processing engine. These days, modern processors are comprised of logic circuits that perform computations and memory circuits designed to store the data on which those computations are carried out. With in-memory computing, the memory circuits are also used to process data, enabling faster performance than traditional chips are capable of.

According to Axelera AI, its original chip is capable of 39.3 trillion computations per second, or 39.3 TOPS, under normal conditions. By increasing the chip’s clock frequency, it’s possible to boost that performance to 48.16 TOPS, the company says.

Axelera AI’s chip is also said to be extremely energy efficient compared to standard chips, which is an important capability in the connected-device market that it’s targeting. Many connected devices based at the edge are powered by batteries, so they require processors that only draw limited power to extend their operating life as much as possible.

The company says its first commercial chip will launch next year. Known as the Metis AIPU Platform, it will scale to provide performance equivalent to “hundreds” of TOPS, thanks to a number of enhancements made to its in-memory compute engine.

With all the buzz and hype around AI this year thanks to the success of OpenAI LP’s ChatGPT and other generative AI platforms, it’s no surprise that Axelera AI is getting a lot of attention. The startup said today that more than 350 customers have shown an interest in using its platform.

More than 90 of those have requested a sample of its chip for testing, and more than 50 have signed up for its early access program, which is still open to applicants. Through the EAP, Axelera AI says it will support customers that are building next-generation computer vision applications with collaborative hardware design and specialized software for machine learning.

“We believe that Axelera AI is in a unique position to capture the rapidly developing edge AI market with a strong combination of next-generation hardware and software,” said Emma Schepers, a senior investment associate at Verve Ventures. “The exceptional founding team has been able to constantly attract top-level talent and push the technology to a commercial level at a high pace.”

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