Tachyum Triples Company Valuation on Closing of Series B Funding Round
LAS VEGAS, July 20, 2021 -- Tachyum today announced that it has closed its Series B funding round, led by private equity investor IPM Group in cooperation with the Slovak wealth manager, Across Private Investments. The latest monies raised from round will be used to finalize Prodigy as it moves from the successful demonstration of an FPGA prototype to tape-out and then to manufacturing of the world’s first Universal Processor Chip. Tens of millions of dollars are raised in series B.
The IPM Group is a global asset and wealth management firm and IPM also serves as a key strategic partner to Tachyum, particularly in advancing a Slovakian-based supercomputer project as well as the overall positioning of the European Union as a leading technology hub.
Close collaboration between IPM and Tachyum has resulted in advancements in the data center market with InoCloud – a venture of IPM that aims to acquire and build high performance and energy efficient data centers where Prodigy will be deployed. An HPC cluster utilizing Prodigy is being deployed within the EU as part of the NSCC Slovakia Supercomputer project with a reference design expected in the first half of 2022 before becoming fully operational later in the year.
“We are pleased to reinforce our position as the lead investor in Tachyum’s Series B round and to support Tachyum in its further development on the way to production. With ever increasing demand for cloud computing and related environmental concerns, Tachyum’s vision to deliver a revolutionary solution for sustainable digitalization is needed now more than ever before,” said Adrian Vycital, Managing Partner of IPM Group and Member of the Board of Directors at Tachyum.
Tachyum’s technology leadership and recruitment of top talent both globally and in Slovakia have enabled it to be among the most capital-efficient companies. Tachyum has successfully developed a proprietary Instruction Set Architecture (ISA) and processor architecture that its closest competitors cannot achieve, despite spending significantly more money. Tachyum has increased its valuation by 3x in USD.
Tachyum is planning a Series C funding round to provide the capital necessary to achieve profitability.
Prodigy has the potential to create unrivaled computational speed and vast energy saving capabilities for hyperscale, OEM, telecommunication, private cloud and government markets. Prodigy’s 10x lower processor core power consumption will dramatically cut carbon emissions associated with data center usage. Prodigy’s 3x lower cost (at equivalent performance) will also translate to billions of dollars in annual savings to hyperscalers like Google, Facebook, Amazon and Alibaba.
Tachyum’s Prodigy processor can run HPC applications, convolutional AI, explainable AI, general AI, bio AI, and spiking neural networks, plus normal data center workloads, on a single homogeneous processor platform, using existing standard programming models. Without Prodigy, hyperscale data centers must use a combination of disparate CPU, GPU and TPU hardware, for these different workloads, creating inefficiency, expense, and the complexity of separate supply and maintenance infrastructures. Using specific hardware dedicated to each type of workload (e.g. data center, AI, HPC), results in underutilization of hardware resources, and more challenging programming, support, and maintenance. Prodigy’s ability to seamlessly switch among these various workloads dramatically changes the competitive landscape and the economics of data centers.
“Funding a later-stage company like Tachyum is a vote of confidence that all the work and progress we have made to date will continue to provide exponential value to investors in the future,” said Dr. Radoslav Danilak, founder and CEO of Tachyum. “IPM has been a strong ally and key partner. We are pleased to share a vision of how data centers can be transformed into Universal Computing Centers and look forward to continuing our work in enabling human brain-scale AI and advancing the world into a greener era of computing.”
Tachyum is disrupting data center, HPC, and AI markets by providing the world’s first Universal Processor, with industry leading performance, cost and power, across all three computational domains, while, at the same time, enabling data centers to exceed the capacity of the human brain. Tachyum, Co-founded by Dr. Radoslav Danilak, and its flagship product Prodigy, begins high-rate production in 2021, with software emulations and an FPGA-based emulator available to early adopters. It is targeting a $50B market, growing at 20% per year. With data centers currently consuming over 3% of the planet’s electricity, predicted to be 10% by 2025, the ultra-low power Prodigy Universal Processor is critical, if we want to continue doubling worldwide data center capacity every four years. Tachyum is one of the founding members of I4DI (Innovations for Digital Infrastructure), which will build the world’s fastest AI supercomputer in Slovakia showcasing Prodigy. Tachyum has offices in the USA and Slovakia, EU. For more information, visit https://www.tachyum.com/.