European AI startup Axelera AI closes $27 million Series A funding round

Fabrizio del Maffeo, Chief Executive Officer and co-founder at Axelera AI

European AI startup Axelera AI announced the close of its $27 million Series A investment round. The funding will support Axelera AI’s launch and mass production of its first-generation AI acceleration platform, powered by its disruptive in-memory computing and dataflow.

How will Axelera AI use the funding?

Since its inception and initial funding last year, Axelera AI successfully taped-out its first testbench chip, developed entirely in-house, proving the performance and efficiency of in-memory compute for AI computations. Axelera AI will also further expand its team.

Axelera AI is designing the most efficient and advanced solutions for AI at the edge. The company will empower thousands of more efficient and accessible edge AI applications and will be fully integrated with leading open-sourced AI frameworks when it launches to select customers and partners in early 2023. Jonathan Ballon, former Vice President and General Manager of Intel’s Edge AI and IoT business, will serve as Chairman of Axelera AI.

What were the executive’s thoughts on the funding?

“The closing of this investment round comes closely after our Thetis Core announcement, proving our technology’s advantages to the AI community. We are excited to work with our investors to become a leader in European AI, strengthening the continent’s presence in the global sector,” said Fabrizio del Maffeo, Axelera AI Chief Executive Officer and co-founder.

The funding round was led by Innovation Industries and joined by imec.xpand and the Federal Holding and Investment Company of Belgium (SFPIM). The Netherland Enterprise Agency (RVO) awarded Axelera AI $6.7m of Innovation Credit (Innovatiekrediet), a loan reserved for highly innovative and impactful projects, commissioned by the Ministry of Economic Affairs and Climate Policy. Axelera AI will announce its first product and begin raising for its Series B.