AI Chip Startup MatX Raises $500 Million to Compete With Nvidia

MatX, an AI chip startup founded by two alumni of Google’s semiconductor business, has raised more than $500 million in a new funding round to produce hardware that competes with Nvidia Corp.

The financing was led by Jane Street and Situational Awareness, the investment firm founded by former OpenAI researcher Leopold Aschenbrenner. Other backers include Marvell Technology Inc., venture firms NFDG and Spark Capital, as well as Stripe Inc. co-founders Patrick and John Collison. The company declined to disclose the exact valuation, but said it’s now valued at several billion dollars.

MatX is one of a growing number of upstarts ...