TensorWave Raises $43M in SAFE Funding, the Largest in Nevada Startup History, to Advance AI Compute Solutions

• Funding led by Nexus VP, with participation from Maverick Capital, Translink Capital, Javelin Venture Partners, Granite Partners, and AMD Ventures
• Funds will be used to scale the team, secure datacenter capacity, and deploy thousands of AMD Instinct MI300X GPUs

TensorWave, an AI GPU cloud platform, today announced the closing of a $43 million SAFE funding round. This round, led by Nexus VP, marks the largest SAFE funding for any Nevada-based startup to date. Other investors in this round include Maverick Capital, Translink Capital, Javelin Venture Partners, StartupNV, and AMD Ventures.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241008734926/en/

TensorWave co-founders left to right: Jeff Tatarchuk, CGO, Darrick Horton, CEO and Piotr Tomasik, COO. TensorWave is a cutting-edge cloud platform designed specifically for AI workloads. Offering AMD MI300X accelerators and a best-in-class inference engine, TensorWave is a top-choice for training, fine-tuning, and inference. Visit tensorwave.com to learn more. (Photo: Business Wire)

With this wave of funding, TensorWave will increase capacity at their primary data center by deploying thousands of AMD Instinct™ MI300X GPUs. They will also scale their team, launch their new inference platform, and lay the foundation for incorporating the next generation of AMD Instinct GPUs, the MI325X.

TensorWave plays a crucial role in democratizing compute for AI workloads, providing a competitive alternative in a market where the competition is slim. By leveraging AMD Instinct™ Series GPUs, TensorWave’s cloud-based solutions offer unparalleled scalability and performance, eliminating long wait times and the complexities of on-prem server management.

“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 is solving two key challenges in the AI and ML industry - GPU availability and GPU optionality. The Company provides startups, enterprises, and researchers a more accessible and powerful compute solution at a superior price-to-performance ratio.

“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 of 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 future's looking bright, and we’re excited to help bring it to life.”

Market Impact

The global AI market is projected to grow from $196.63 billion in 2023 to $1.81 trillion by 2030, according to Grand View Research. TensorWave’s deployment of AMD Instinct™ GPUs positions their cloud service at the forefront of this expanding market, providing critical infrastructure for the next generation of AI applications.

“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. 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,” said Brendan Walsh, Venture Partner at Translink Capital.

“Nexus VP is honored to lead this landmark funding round for TensorWave,” said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners. “TensorWave’s innovative approach to AI compute infrastructure, combined with their strategic use of AMD AI GPU technology, uniquely positions them as a trailblazer in the industry. We are thrilled to support Darrick, Piotr, Jeff and team, as they redefine the landscape of AI computing.”

On The Horizon

In Q4 2024, TensorWave is set to launch Manifest — an enterprise inference platform designed to support larger context windows with reduced latency. Manifest enables efficient analysis of complex documents, providing accelerated reasoning and secure, private data storage.

Following AMD’s announcement of their next generation Instinct™ Series GPU, the MI325X, TensorWave is preparing to add MI325X access on their cloud offering which will be available as early as EOY 2024.

“TensorWave’s strategic vision and exceptional founding team distinguish them in the industry,” said Jeff Saling, Executive Director at StartupNV. “We believe TensorWave’s solutions are essential to the foundational infrastructure of AI. It’s also a proud moment that this innovative startup hails from the great state of Nevada.”

“TensorWave is building mission-critical infrastructure needed to satisfy the explosive growth in demand for high-performance compute,” said Andrew Homan, Senior Managing Director at Maverick Capital. “Since first meeting the team, we’ve been impressed by their commitment to technical excellence and we remain excited to support the company in bringing a much-needed product to market at a pivotal point in the era of AI computing.”

For additional information please visit www.tensorwave.com.

About TensorWave

TensorWave is a cutting-edge cloud platform designed specifically for AI workloads. Offering AMD MI300X accelerators and a best-in-class inference engine, TensorWave is a top-choice for training, fine-tuning, and inference. Visit tensorwave.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241008734926/en/