Chip designer Velaura AI valued at more than $1 billion after funding round

Aug 18 ( ) - Velaura AI was valued at more than $1 billion on Tuesday after ‌raising $110 million in a Series A ‌funding round, with investors backing the startup's chip design ​technology for lowering power consumption and operating costs at AI data centers. The funding round was led by Seligman Ventures, with participation from new ‌investor Capricorn Investment ⁠Group. Existing investors Samsung Catalyst Fund, StepStone Group and Maverick Silicon also ⁠participated. • Velaura AI develops low-power chips and software technologies for data centers ​and so-called ​physical AI applications, including ​robotics and autonomous ‌systems. • The startup said the funds will be used to speed up development and deployment of its AI products and hire more engineers and customer-facing staff. • Earlier this year, Velaura announced ‌Titan Core, its proprietary ​chip design platform targeting greater ​efficiency and ​power savings in data center workloads. • "The ‌next era of AI will ​be defined ​not only by better models, but also by fundamentally better compute economics," Rajiv Khemani, ​co-founder and ‌CEO of Velaura AI, said in a ​statement. (Reporting by Prathik Jayaprakash in Bengaluru; ​Editing by Tasim Zahid)