According to the Smart Finance APP, Canadian startup Tensorrent raised $0.693 billion in a new round of Series D financing. It is understood that the company aims to compete in the artificial intelligence accelerator market with Nvidia (NVDA.US) and other companies.

Tensorrent chose Samsung (SSNLF.US) to manufacture its artificial intelligence chips last year, and raised funds from Samsung, Amazon (AZMN.US) co-founder Bezos, and many others. Keith Witek, Chief Operating Officer of Tensorrent, stated that Wilson Sonsini Goodrich & Rosati law firm and Barclays Bank helped complete this round of financing.

According to reports, this round of financing values Tensorrent at $2.6 billion.

Some of Tensorrent's chips use RISC-V technology, which is an alternative based on the Arm architecture supported by Qualcomm (QCOM.US) and other semiconductor companies. Another major semiconductor architecture is x86, supported by Intel (INTC.US) and AMD (AMD.US).