The fund was backed by existing investors - Innovation Industries, CDP Venture Capital, and Verve Ventures, as well as, Invest-NL, the European Innovation Council, and an investment fund from Samsung Electronics are now also on board, reports fd.nl.
Axelera will use the funds to expand into new regions and markets, targeting growth in North America, Europe, and the Middle East.
Axelera will compete with Nvidia in the field of generative AI to meet the growing computing demand, says fd.nl.
Founded in 2021 by Fabrizio Del Maffeo and Evangelos Eleftheriou, Axelera AI claims to be developing the world's most efficient and sophisticated edge AI solutions.
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