University of Bristol-linked Graphcore is reportedly seeking $200m at a $2bn-plus valuation, in a deal that would bring its total to $660m.
Graphcore, a UK-based artificial intelligence processor producer linked to University of Bristol, is looking to raise $200m at a valuation of more than $2bn, Bloomberg reported on Friday.
The newswire cited people with knowledge of the deal who cautioned the $200m figure could change during negotiations.
Founded in 2016, Graphcore has devised a processor called the intelligence processing unit with on-board memory catered to executing deep learning algorithms.
The company was spun out of Xmos, itself a semiconductor technology spinout of University of Bristol, in 2016.
Graphcore still has over $200m to spend from previous rounds but is seeking more equity to meet investor demand.
It has raised a total of $460m to date from investors including Ahren Innovation Capital, a patient capital fund backed by University of Cambridge researchers.
Graphcore is also backed by BMWi Ventures, Robert Bosch Venture Capital, Samsung Catalyst Fund and Dell Technologies Capital, respective subsidiaries of carmaker BMW, industrial technology producer Bosch, consumer electronics firm Samsung and computing equipment maker Dell.
Software provider Microsoft has also invested, as have Atomico, Baillie Gifford, M&G Investments, Merian Chrysalis, Mayfair Equity Partners, Sequoia Capital, Sofina, Amadeus Capital Partners, C4 Ventures, Draper Esprit, Foundation Capital and Pitango.
