British chipmaking start-up Graphcore has burned through more than $50m (£39m) in one year as it seeks to get its AI-powered silicon chips onto the market and into data centres and driverless cars. The Bristol-based company, founded by hardware industry veterans Nigel Toon and Simon Knowles, has been spending heavily, growing its headcount and opening offices in a bid to transform its chip designs. The start-up reported revenues of $1.1m. It comes as Graphcore continues to ramp up its operations in the UK by hiring 500 new staff and open a new office in Cambridge. The company already has offices in London, Oslo, Palo Alto and has launched...