Tachyum Closes $25 Million Series A Round
SAN JOSE, Calif., July 9th, 2019 – Tachyum Inc. announced today that it has finalized a Series-A funding round led by private equity investor IPM Group, with the participation of the Slovak Government, that will be used to continue the advancement of the company’s efforts to bring its Prodigy Universal Processor chip to market. Now with $25M in its post Series-A war chest, the Tachyum development team is able to reach its next major milestone in early 2020, in order to bring the Prodigy chip to market in the second half of 2020. The closing of this equity investment round was key to support Tachyum’s R&D and software development efforts both in Slovakia and USA, leveraging regional talent and resources of Slovakia, the European Union as well as Silicon Valley.
The rapidly expanding Slovakian R&D center plays an essential role in the development required to lead the AI revolution, to build machines more powerful than the human brain, and to deliver AI for Good and AI for All.
The total combined capital investments in Tachyum are being used by the company as it completes product development work on its Prodigy Universal Processor Chip, the smallest and fastest general purpose, 64-core processor developed to date, requiring 10x less processor power and reducing processor cost by 3x. Prodigy reduces data center TCO (annual total cost of ownership) by 4x, through a disruptive hardware architecture and a smart compiler that has made many parts of the hardware found in a typical processor redundant. Fewer wires and shorter wires, due to a smaller, simpler core, translates into much greater speed and power efficiency for the processor. The Prodigy Universal Processor Chip is an ultra-low power processor that will enable an Exaflop supercomputer using a mere 250,000 Prodigy processors. Prodigy also provides a path to enable users to simulate, in real-time, human brain-sized neural nets beginning in 2020, instead of 2028.
“The work that Tachyum is doing is highly disruptive and will lead to dramatic improvements in burgeoning markets of artificial intelligence and high-performance computing that require extreme processing speeds and power efficiencies,” said Adrian Vycital, Managing Partner at IPM Group, Tachyum’s lead investor based in London and Bratislava. “Supporting Tachyum at this stage of their development provides cascading opportunities for unprecedented success, helping them to establish themselves as the leader in what truly is the future of computing.”
Launched in 2016 to overcome the performance plateau in nanometer-class processor chips and the systems they power, Tachyum has unlocked unprecedented performance, power efficiency and cost advantages to solve the most complex problems in big data analytics, deep learning, mobile, and large-scale computing. The company is taking a best-practices approach to developing Prodigy by attracting, hiring and retaining world-class talent across the globe to work at both of its wholly owned subsidiaries, located in Silicon Valley and Slovakia respectively. The ability to attract top talent for its Slovakian subsidiary abroad, ensures that Tachyum is well- positioned to deliver its Prodigy product in the most timely and efficient manner possible.
“We are extremely pleased to announce another infusion of working capital into Tachyum, which not only enables us to complete our mission of delivering disruptive products to market but also represents well-reasoned confidence in our approach to overcoming challenges faced by the industry,” said Dr. Radoslav Danilak, Co-founder and CEO of Tachyum. “The ability to change the world takes more than one man’s vision. Having an investment community backing Tachyum allows us to properly build a world-class organization with the best and brightest talent available. We look forward to growing the company and the industry atop the foundation that we’ve already built.”
Named for the Greek prefix “tachy,” meaning speed, combined with the suffix “-um,” indicating an element (e.g. lithium), Tachyum is meant to evoke the notion of “an element of speed”. Tachyum emerged from stealth mode in 2017 to engineer disruptive intelligent information processing products. Tachyum’s founders have a track record of solving problems caused by device physics in semiconductors, to deliver transformational products to global markets, and are backed by IPM Growth, the venture capital investment arm of IPM Group, as Tachyum’s lead investor.