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Self-Driving Firm Recogni Nabs $102 Million to Make AI Chip | Transport Topics

Feb 20, 2024 - ttnews.com
Recogni Inc., an AI startup that designs chips for autonomous vehicles, has raised $102 million in a Series C funding round. The round was led by Celesta Capital and GreatPoint Ventures, with participation from HSBC Holdings Plc and Tasaru Mobility Investments, a subsidiary of Saudi Arabia’s sovereign wealth fund. The company, which has raised $175 million to date, plans to use the new funds to manufacture and market its new chip, Scorpio, which focuses on the inference stage of AI development.

Despite a recent downturn in funding for autonomous vehicle startups, Recogni has managed to attract investment by designing an accelerator chip that can be used in both autonomous systems and generative AI models. The company's CEO, Marc Bolitho, stated that while the path to market is quicker for generative AI, the same architecture will be used later within automotive and autonomous mobility.

Key takeaways:

  • Recogni Inc., an AI startup that builds technology for autonomous vehicles, has raised $102 million in a Series C funding round led by Celesta Capital and GreatPoint Ventures.
  • The company has expanded into designing chips for generative AI and has raised a total of $175 million to date.
  • Recogni's chip, called Scorpio, focuses on the inference part of the AI development process, operating faster and requiring less energy than some alternatives.
  • Despite a downturn in funding for autonomous vehicle startups, Recogni remains committed to this sector, with plans to use the same chip architecture for automotive and autonomous mobility in the future.
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