Orrick has advised Graphcore, a semiconductor startup developing new technology to accelerate machine learning and artificial intelligence applications, in its $50 million Series C funding round by Sequoia Capital. To date, Graphcore has raised $110 million since its inception less than 18 months ago.
Graphcore’s chips are designed specifically to power machine learning systems and have up to 100 times more processing power than standard chips.
Graphcore will use the funds to scale up production and invest in its Palo Alto-based team. As part of the investment, Sequoia’s Matt Miller and Bill Coughran will join Graphcore's board of directors and technical advisory board, respectively.
Orrick has advised Graphcore since its inception by way of a spin-out from XMOS, another Orrick client. The Orrick London TCG team included partner Chris Grew and associates Jamie Moore and Joanna Oleniuk and trainee Kevin Wong.
View press coverage of the financing round in TechCrunch and Financial Times (subscription required).