AI Chip Startup MatX Raises $500 Million in Funding to Challenge Nvidia’s Dominance
MatX, an emerging player in the AI chip market founded by two ex-Google engineers, has successfully secured $500 million in a Series B funding round. This round was spearheaded by Jane Street and Situational Awareness, an investment group led by former OpenAI researcher Leopold Aschenbrenner.
The primary objective of MatX is to develop processors that enhance the training of large language models (LLMs) by achieving performance levels ten times that of current Nvidia GPUs. With this ambitious goal, MatX positions itself as a formidable competitor in the rapidly evolving AI landscape.
Key participants in the funding round included renowned firms such as Marvell Technology, NFDG, Spark Capital, and Stripe co-founders Patrick and John Collison, as confirmed by the startup’s CEO Reiner Pope in a LinkedIn announcement.
Though the exact valuation of MatX remains undisclosed, it’s notable that its closest rival, Etched, recently raised $500 million at a valuation of $5 billion, according to Bloomberg. As of now, Etched has not commented on the situation.
Before launching MatX in 2023, CEO Reiner Pope was instrumental in the AI software development of Google’s Tensor Processing Units (TPUs), while co-founder Mike Gunter served as a lead designer for the TPU hardware.
The newly acquired funds will be pivotal for MatX as it partners with TSMC for chip production, with plans to commence shipments in 2027. This strategic move aims to place MatX firmly on the competitive map in the race for advanced AI hardware.
