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EnCharge AI Closes Additional $22.6M from VentureTech Alliance, RTX Ventures and ACVC Partners to Unlock AI Compute

SANTA CLARA, Calif., Dec. 5, 2023 /PRNewswire/ -- EnCharge AI, the company developing advanced AI chips and full stack solutions, today announced it has closed a second institutional round of funding from strategic partners including VentureTech Alliance, RTX Ventures, and ACVC Partners with participation from existing investors such as Anzu Partners, AlleyCorp, Scout VC, Silicon Catalyst Angels and S5V.

The funding round underscores the demand for new AI chips capable of running AI system workloads at a far lower cost and with greater efficiency than previously thought possible.

"The computational needs of AI push the limits of today's enterprises, resulting in expensive operations, environmental issues, and inadequate performance. This makes it difficult for small and medium-sized businesses to fully utilize AI's advantages. EnCharge is creating scalable hardware and software solutions that make AI more accessible and efficient for everyone — leveling the playing field," said Naveen Verma, Ph.D., CEO and co-founder of EnCharge AI. "None of the AI chip architectures on the market today are fully equipped for the future of AI. We built the first and only mixed analog and digital in-memory-computing solution that has been proven to work in real scenarios, with an AI-specific full-stack architecture, and this has unlocked 15X higher performance than market leaders with a 10x reduction in energy and cost."

AI has become so sophisticated that it can enhance the highest-value functions across all industries. As AI requires more intense compute than any previous workload, often this makes demands on compute hardware infeasible. EnCharge AI provides a cost-effective solution using a combination of analog and digital operation, resulting in AI full-stack solutions with higher performance for a low cost. Investors in the space understand the clear differentiator the company provides, which is to be adaptive and scalable for the unseen applications and unheard models of tomorrow.

"The rapid growth and adoption of artificial intelligence across our most critical industries requires chips with higher computational performance, using lower power at a reduced cost," said Daniel Ateya, President and Managing Director of RTX Ventures. "Our decision to invest in EnCharge AI will support development of their novel chip architecture and bring data closer to the edge, enabling its customers to process and analyze information quicker, more cost-efficiently, while using less energy."

EnCharge AI has raised $45 million to date. Kai Tsang, Managing Director of VentureTech Alliance said, "The AI chip market is in high demand and short supply, with analysts expecting it to grow to nearly $400B by 2032. Encharge AI is solving critical issues around computing power, accessibility and costs that are both limiting AI today and inadequate for handling AI of tomorrow. The company has developed computing beyond the limits of today's systems with a technologically unique architecture that fits into today's supply chain."

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