Axelera AI secures $68M in funding and plans to expand its team in Portugal

Axelera AI, a pioneer in AI hardware acceleration solutions, has raised $68 million – around €61 million  –  in a Series B funding round, bringing its total raised to $120 million. This investment will drive the company’s global market growth and strengthen its development centre in Portugal at UPTEC  –  Science and Technology Park of the University of Porto.

The company has gained recognition for developing the Metis™ AI Processing Unit (AIPU), the most powerful AI processing unit for edge devices, used in computer vision and generative AI solutions. Axelera AI’s success has attracted investments from international funds such as Samsung Catalyst Fund, Verve Ventures, and the European Innovation Council Fund, solidifying its position as a European fabless semiconductor market leader.

Mrudula Gore, Director of Silicon Logical Design at Axelera AI, highlighted the impact this funding will have in Portugal: “The Series B funding will significantly enhance our recruitment efforts in Portugal, a country where we have already found great talent. As a truly pan-European company operating in 18 countries, we are committed to finding and nurturing the best people where they are.”

This capital will enable the company to “expand the team by attracting top-tier professionals with ‘the edge’. We are excited to continue our growth in Portugal, fostering innovation and driving our mission forward with the exceptional talent this country has to offer,” added Mrudula Gore.

With operations in 18 countries, Axelera AI is now focused on expanding its offerings into new sectors such as digital health, robotics, and automotive. With a business pipeline worth $100 million, Axelera AI is positioning itself as a key player in the democratisation of AI, from edge to cloud.

The centre in Portugal currently employs six people and will play a key role in the development of Axelera’s future AI acceleration solutions.