Japanese venture capital firm Softbank Group Corp. bought UK chip startup Graphcore for an undisclosed amount.
Graphcore announced that SoftBank had acquired the company and that it would continue to operate under the Company name.
“This is a tremendous endorsement of our team and their ability to build truly transformative artificial intelligence (AI) technologies at scale, as well as a great outcome for our company,” said Graphcore Co-founder and Chief Executive Officer Nigel Toon.
The statement states that Graphcore will keep funding the development of highly skilled positions across a variety of fields.
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“Demand for AI compute is vast and continues to grow. There remains much to do to improve efficiency, resilience, and computational power to unlock the full potential of AI, In SoftBank, we have a partner that can enable the Graphcore team to redefine the landscape for AI technology,” he added.
The company still has its headquarters in Bristol, and it also has offices in Hsinchu, Gdansk, Cambridge, and London.
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According to SoftBank Investment Advisers Managing Partner Vikas J. Parekh, society is seizing the chance presented by generative AI applications, foundation models, and novel methods for scientific research.
About Softbank
SoftBank Group wants to lead the Information Revolution. They Group comprises SoftBank Group Corp (TOKYO: 9984) and its global portfolio of sophisticated telecommunications, Internet services, AI, smart robots, IoT, and clean energy technology suppliers.
About Graphcore
Graphcore developed the Intelligence Processing Unit (IPU) for artificial intelligence. Current machine learning models run orders of magnitude quicker on the IPU due to its design. More crucially, it allows AI researchers to make groundbreaking advances in general machine intelligence by doing novel work that present systems cannot do.
