TensorWave Rides AI Wave with Record-Breaking $43M Funding Round
In a move that encourages Nevada’s growing tech scene, AI cloud platform TensorWave announced today it has secured a statement inducing $43 million in SAFE funding. The largest of its kind for a Nevada-based startup, the funding highlights the increasing attractiveness of Nevada as a hub for tech innovation, with the state’s favorable business environment and growing talent pool drawing significant attention from investors and entrepreneurs alike, supporting strong growth in sectors like cybersecurity, aerospace, and logistics technology
TensorWave aims to address a typical bottleneck: access to powerful and affordable GPU resources. The company offers a compelling alternative to the existing options currently available, leveraging AMD Instinct Series GPUs rather than siding with NVIDIA, to deliver unparalleled scalability and performance – a strategy it recently discussed with Dataconomy.
By eliminating the wait times and complexities associated with on-premise server management, TensorWave aims to democratize AI compute for startups, enterprises, and researchers alike.
“We are thrilled to have the support of such esteemed investors, partners, and the State of Nevada as we embark on this next phase of growth,” said Darrick Horton, CEO at TensorWave. “This funding allows us to significantly scale our team and deploy thousands of AMD Instinct AI accelerators to empower the startups and enterprises shaping our technological future.”
The funding, led by Nexus VP, with significant contributions from Maverick Capital, Translink Capital, Javelin Venture Partners, StartupNV, and AMD Ventures, will fuel TensorWave’s expansion plans. The company plans to bolster its core team, significantly increase capacity at its primary data center with the addition of thousands of AMD Instinct MI300X GPUs, and prepare for the integration of the next-generation MI325X GPUs. Furthermore, TensorWave is gearing up to launch Manifest, an inference platform designed for handling large context windows with minimal latency, enabling advanced document analysis and accelerated reasoning.
“AMD Ventures shares TensorWave’s vision to transform AI compute infrastructure,” said Mathew Hein, Senior Vice President, Chief Strategy Officer and Corporate Development at AMD. “Their deployment of the AMD Instinct MI300X and ability to offer public instances to AI customers and developers positions them as an early competitor in the AI space, and we are excited to support their growth through this latest round of funding.”
TensorWave’s strategic deployment of AMD GPUs positions the company at the forefront of the rapidly expanding AI market, which is projected to reach a staggering $1.81 trillion by 2030, according to Grand View Research. Investors have recognized the company’s potential to become a key player in this burgeoning sector.
“TensorWave has impressed with their mission, vision, and rapid execution. We’re thrilled to support this dynamic startup, which is poised to lead AI cloud computing with AMD GPUs,” says Brendan Walsh, Venture Partner at Translink Capital. “Their deep expertise in both the physical plant and software elements of cloud compute and artificial intelligence, along with their commitment to fostering a competitive, open-source future for AI, makes them an exciting company to watch as they continue to scale.”
With its focus on accessibility, performance, and innovation, TensorWave is set to make waves in the AI industry. The company’s commitment to providing a robust and competitive cloud platform powered by AMD’s cutting-edge GPU technology has the potential to reshape the AI landscape and accelerate the development of groundbreaking applications across various sectors.