AAA Intel helps tug Untether AI to $20m series A

Intel helps tug Untether AI to $20m series A

Canada-based artificial intelligence (AI)-tailored computer chip manufacturer Untether AI has secured $20m in a series A round involving Intel Capital, a corporate venturing arm of semiconductor manufacturer Intel.

The round was backed by Radical Ventures together with unnamed additional investors.

The deal was officially revealed on Tuesday, but was closed in May 2019 in the wake of an initial $13m series A tranche announced the month before from Intel Capital and undisclosed additional investors.

Founded in 2018, Untether AI is working on computer chips which cater to AI-powered neural network applications by combining energy-efficient short-term memory with advances in digital processing.

The company has an operational prototype of its technology and will use the series A capital to pursue its growth plans. End-uses for the computer chips include neural network-driven speech interpretation and motion sensors.

Tomi Poutanen, partner at Radical Ventures, has joined the board of directors, while Arun Iyengar, a former corporate vice-president and general manager at chipmaker AMD, has been named Untether AI’s chief executive.

Martin Snelgrove, the founding CEO of Untether AI, has moved with Iyengar’s appointment to become chief technology officer.

Untether AI previously raised a seed round, though neither the timing nor the size have been disclosed.

Dave Flanagan, vice-president and senior managing director of Intel Capital, said: “With Arun’s leadership, a founding team with decades of experience in chip design, and significant technical progress, Untether AI is well poised to bring to market a powerful new kind of AI chip that eliminates data movement bottlenecks that costs energy and performance.”

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