Wave Computing, a processor technology company focused on the fields of AI and deep learning, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California, San Jose Division.
- The bankruptcy process will allow the company to restructure its liabilities and position the business for long-term growth
- Wave has arranged for Debtor-in-Possession financing from an affiliate of Tallwood Venture Capital totaling about $27.9 million
- Wave also announced it has appointed Lawrence Perkins of SierraConstellation Partners as Chief Restructuring Officer
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