MatX, a chip startup founded by two former Google hardware engineers, has raised a $500 million Series B led by Jane Street and Situational Awareness, an investment fund formed by former OpenAI researcher Leopold Aschenbrenner.
The company’s goal is to make its processors 10 times better at training LLM and delivering results than Nvidia’s GPUs.
Other investors in this round include Marvell Technology, NFDG, Spark Capital, and Stripe co-founders Patrick Collison and John Collison. Reiner Pope, the startup’s founder and CEO, made the announcement in a post on LinkedIn on Tuesday.
MatX’s closest competitor, Etched, has raised $500 million at a $5 billion valuation, Bloomberg reported last month, although the company hasn’t disclosed its latest valuation. Etched did not immediately respond to a request for comment.
MatX’s latest round comes just over a year after a roughly $100 million Series A led by Spark Capital. TechCrunch previously reported that the 2024 round valued the startup at more than $300 million.
Before co-founding MatX in 2023, Pope led the development of AI software for Google’s TPU, the tech giant’s proprietary AI chip. His co-founder, Mike Gunter, was the lead designer of TPU hardware before leaving to start a startup.
The new funding will help MatX produce chips with TSMC, with plans to begin shipping in 2027.
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