The AI and machine learning market is growing steadily over the last few years, with the global industry worth around $21.17 billion in 2022.
If you’re interested in investing in this sector, you’ve probably heard of Graphcore, and that’s where this guide comes in handy!
Today, we’ll walk you through everything you need to know about the Graphcore IPO, including Graphcore’s finances, funding rounds, and more!
Graphcore is a British startup company that is based in Bristol. The company specialises in developing machine learning applications as well as special microprocessors called Intelligence Processing Units or IPUs.
The unique aspect of the company’s processors is that they have a complete machine learning model built right into the processor to improve its AI functions massively.
The company was officially founded by its current CEO and CTO, Simon Knowles and Nigel Toon, in June 2016. However, according to the company’s website, the two co-founders have been working together to establish the company since January 2012.
In July 2017, the company released its first IPU under the name of “Colossus MK1 - GC2”, and later released the upgraded version “Colossus MK2 - GC200” in July 2020.
As of 2022, the company expanded its operations and had over 650 employees, with speculations for the company to compete with semiconductor giants like Nvidia in the near future.
How Does Graphcore Make Money?
Graphcore makes money by selling its advanced microprocessors and machine learning technologies to a wide range of companies inside and outside of the tech sector.
However, most of the company’s earnings and revenue since Graphcore was officially established comes from funding rounds and investments from various companies.
Graphcore Funding Rounds and Top Investors
Graphcore has received funding from a huge variety of investors and tech giants. As of 2023, the company has raised over $382 million over seven funding rounds.
This makes the UK-based company one of the most successful semiconductor startups in Europe in terms of funds raised. Here’s a brief breakdown of each one of these rounds:
On October 31, 2016, an early-stage venture under the name of “Series A - Graphcore” raised around $32 million from 8 investors, led by Bosche, but included other major investors like Samsung Catalyst Fund, Dell Technologies Capital, Amadeus Capital Partners, and C4 Ventures.
On July 20, 2017, another early-stage venture under the name of “Series B - Graphcore” raised $30 million. The funding round was led by Atomico but included a total of 14 investors, including companies and individuals.
On November 12, 2017, a funding round under the name of “Series C - Graphcore” raised $50 million. This one included a massive investment from Sequoia Capital, but also included 8 other partner investors (mostly from the Series A round investors)
On December 18, 2018, a last-stage funding round under the name of “Series D - Graphcore” raised a whopping $200 million. The round came after the company’s successful showcase of its IPU at the ICML 2018 Conference. The investment was led by BMW and Microsoft, and had a total of 13 investors.
On February 24, 2020, another funding round under the name of “Series D2 - Graphcore” raised over $150 million, led by the new investor Mayfair Equity Partners along with 6 other investors.
On December 29, 2020, Grapchore managed to raise its largest funding round to date (around $222 million) under the name of “Series E - Graphcore”. The last-stage venture round was led by the Ontario Teachers' Pension Plan Board along with 21 other investors. This round followed the release of Graphcore’s second IPU.
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