Axelera AI, an EIC Club member in the Next-Gen Computing sector, has announced a $68 million Series B funding round to propel the growth of their AI-accelerating hardware. 

In just three years, Axelera AI has built a world-class team of 180+ employees (including 55+ PhD’s with more than 40,000 citations), launched its Metis™ AI Platform which achieves a 3-5x increase in efficiency and performance, and has visibility into a strong business pipeline which exceeds $100 million. 

Axelera AI's Series B funding round is Europe’s largest oversubscribed Series B funding round in the fabless semiconductor industry. It is backed by major institutional investors, including Invest-NL Deep Tech Fund, the European Innovation Council Fund, Innovation Industries Strategic Partners Fund (backed by Dutch Pension Funds PMT and PME, administered by MN) and Samsung Catalyst Fund, along with existing investors Verve Ventures, Innovation Industries, Fractionelera and the Italian sovereign fund CDP Venture Capital SGR. The new capital adds to previously raised funds, including the innovation credit from RVO, and equity investment from Bitfury, CDP Venture Capital, Federal Holding and Investment Company of Belgium (SFPIM), imec, imec.xpand and Innovation Industries.

Companies are embracing new and innovative ways to incorporate computer vision and generative AI capabilities into business models. However, challenges associated with energy consumption, cost, limited supply and scalability are inhibiting the true potential of AI. Axelera AI addresses these exact industry challenges by providing a solution that delivers unmatched performance and efficiency. This new capital enables Axelera AI to grow its high demand AI inference solutions based on its proprietary digital in-memory computing and RISC-V technology.

Axelera AI’s growth strategy also eyes opportunities across new geographies and market sectors. The Series B funding fosters global expansion for Axelera AI with a focus on growth opportunities in North America, Europe and the Middle East. In addition, the capital facilitates expansion across key vertical markets such as automotive, digital healthcare, Industry 4.0, retail, robots & drones, surveillance and more. The funding also enables Axelera AI to broaden its future product offerings from the edge to the data center to address the growing computing needs for generative AI, large language models and large multi-modal models. This market expansion includes high-performance computing by designing high efficiency, high-performance and price-competitive AI accelerators to power future exa-scale and petascale HPC centers.

“There’s no denying that the AI industry has the potential to transform a multitude of sectors,” said Fabrizio Del Maffeo, Co-Founder and CEO at Axelera AI. “However, to truly harness the value of AI, organizations need a solution that delivers high-performance and efficiency while balancing cost. This funding supports our mission to democratize access to artificial intelligence, from the edge to the cloud. By expanding our product lines beyond the edge computing market, we are able to address industry challenges in AI inference and support current and future AI processing needs with our scalable, proven technology.”

IDC forecasts that IT infrastructure for AI semiconductors will reach $193 billion by the end of 2027. To address this market demand, Axelera AI’s Metis™ AI Platform, the industry’s most powerful, costeffective and energy efficient AI processing unit for inference, will be in full production in the second half of 2024.

“We are very excited to support Axelera AI in their Series B financing. The company introduces a very innovative approach for high performance AI acceleration at the edge, by implementing Digital InMemory Computing,” said Marco Chisari, Head of Samsung Semiconductor Innovation Center and Executive Vice President, Samsung Electronics. “Axelera AI’s architecture minimizes data movement between memory and compute elements, aiming to overcome the “Memory Wall” challenge. It also has the promise of significantly reducing power consumption, a critical attribute for AI applications at the edge and beyond.”

“Axelera AI’s Series B funding round, with backing from venture capital, sovereign and pension funds, underscores the company’s record of delivering industry-defining solutions for customers to meet the growing demand for generative AI and computer vision,” said Inder Singh, Axelera AI board member and former CFO of Arm. “With this new funding, Axelera AI will be able to continue to build upon its product offerings and expand into additional markets, in alignment with the progression of the market for GenAI.”

The combination of Axelera AI’s experienced Board of Directors, the executive leadership team and this Series B investment positions Axelera AI to build upon its early customer momentum and further support the needs of AI innovators across vertical markets. Axelera AI customers are currently using the Metis AI Platform within their cutting-edge products to differentiate the unique offerings they bring to their respective markets.

Axelera AI is currently shipping evaluation kits. Additional details can be found at https://www.axelera.ai/metis-evaluation-kit

About the EIC Scaling Club

The EIC Scaling Club is a curated community where 120+ European deep tech scale-ups with the potential to build world-class businesses and solve major global challenges come together with investors, corporate innovators and other industry stakeholders to spur growth.

The top 120+ European deep tech companies will be carefully selected from a pool of high-growth scale-ups that have benefitted from EIC financial schemes, other European and national innovation programmes, and beyond.

The EIC Scaling Club is an EIC-funded initiative run in partnership by Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.

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