Samsung-Backed Chipmaker Axelera AI Looks to Raise €150 Million

Axelera AI, a European startup chipmaker, is seeking to raise over €150 million ($175 million) in funding. The company, backed by Samsung Electronics and the European Union, is focused on developing high-performance computing capabilities within the continent. The fundraising efforts come as the European Union aims to bolster its capabilities in the field of advanced computing, which is seen as crucial for innovations in areas such as artificial intelligence, data analytics, and scientific research. Axelera AI's technology is centered around specialized chips, known as neuromorphic processors, which are designed to efficiently handle the computationally intensive tasks associated with AI and machine learning applications. The company's goal is to provide European businesses and research institutions with access to cutting-edge computing resources, reducing their reliance on international competitors. The successful fundraising would allow Axelera AI to further develop its technology and expand its operations, contributing to the EU's broader efforts to strengthen its position in the global high-tech landscape.