Crypto miner Bitfury incubated AI chip company Axelera closed A $27 million Series A round led by Innovation Industries

Axelera, an AI chip company incubated by crypto miner Bitfury, announced A $27 million Series A funding round led by Innovation Industries on October 26. Imec.xpand, the Belgian Federal Holding and Investment Company participated in the investment. In addition, the Dutch Enterprise Agency granted Axelera AI a loan of US $6.7 million commissioned by the Ministry of Economic Affairs and Climate Policy. Axelera, which was hatched in 2019 by Bitfury Group and previously operated as Bitfury AI, began operating independently in 2021. It develops chips for memory-based computing, which performs computation in RAM to reduce latency generated by storage devices, but the company's product schedule is slow, It is not expected to ship to customers until the first half of 2023.