MatX, a chip startup founded by two former Google hardware engineers, has raised $500 million in Series B led by Situational Awareness, an investment fund founded by Jane Street and former OpenAI researcher Leopold Aschenbrenner.
The company’s goal is to make its processors 10x better at training LLM and delivering results than Nvidia’s GPUs.
Other investors in the round include Marvell Technology, NFDG, Spark Capital, and Stripe co-founders Patrick Collison and John Collison, startup founder and CEO Reiner Pope announced in a LinkedIn post on Tuesday.
The company hasn’t released its latest valuation, but Bloomberg reported last month that MatX’s closest competitor, Etched, raised $500 million at a $5 billion valuation. Etchings did not immediately respond to a request for comment.
MatX’s latest round comes more than a year after its nearly $100 million Series A led by Spark Capital. TechCrunch previously reported that the 2024 round valued the startup at over $300 million.
Before co-founding MatX in 2023, Pope led AI software development 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 the chip with TSMC, with plans to begin shipping in 2027.
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