Graphcore, the UK maker of chips designed for use in artificial intelligence, has raised $222m (£164m) from investors, valuing the company at $2.8bn.
The Bristol-based company’s latest round of funding was led by the Ontario Teachers’ Pension Plan as well as investors including Fidelity International and Schroders. Existing Graphcore investors, including Baillie Gifford and Draper Esprit, also joined the round.
The $2.8bn valuation propels Graphcore further up the ranks of the UK’s most valuable private tech companies as it seeks to confirm its position in the fast-growing artificial intelligence industry. The company has $440m in cash as it seeks to expand, with voice recognition and driverless cars among the potential target markets for its technology.