Graphcore to raise $222 million Series E funding round led by Ontario Teachers’ Pensions Plan Board and including Fidelity International, Schroders, Baillie Gifford and Draper Esprit.

Graphcore, a Bristol, UK-based manufacturer of a microprocessor designed specifically for AI, announced that it raised $222 million in a Series E funding round

The deal, which values the company at $2.77 billion post-money, was raised from investors led by Ontario Teachers’ Pension Plan Board with participation from funds managed by Fidelity International and Schroders, as well as from existing investors Baillie Gifford and Draper Esprit.

This investment brings the total funds raised by Graphcore to more than $710 million, with the company expecting to have over $440 million of cash on hand post-closing to support future growth.

Graphcore, founded in 2016 by Simon Knowles and Nigel Toon (CEO), produces semiconductors as it aims to make a massively parallel Intelligence Processing Unit (IPU) that holds the complete machine learning model inside the processor.