AI chip startup Graphcore raises $50 million to battle Nvidia and Intel

With a focus on chips and artificial intelligence, U.K.-based Graphcore can now be considered one of Europe's hottest startups. Today, the company announced it has raised a $50 million round of funding led by Silicon Valley's Sequoia Capital, a firm not known for investing much in Europe. This follows the $60 million that Graphcore had already raised over the last 18 months. In a blog post, Graphcore cofounder Nigel Toon wrote that the company's partnership with Sequoia is an indication that it intends to remain independent as it seeks to compete in the surging AI chip market. "So over the last few weeks, Graphcore and Sequoia Capital have worked together on a scale-up business plan and on a funding plan which will allow us to grow more quickly and to support our prospective customers more deeply as we bring products to market," Toon wrote.