Hyundai Motor Group Takes Stake in Canadian AI Semiconductor Firm Tenstorrent

Hyundai Motor Group has taken a strategic investment in Tenstorrent, an artificial intelligence (AI) semiconductor company based in Toronto, Canada. It will allow Hyundai to integrate AI into future Hyundai, Kia and Genesis vehicles, and other future mobilities, including robotics and advanced air mobility (AAM).

Hyundai  and Kia Corporation will invest USD 50 million ($30M and $20M, respectively), making the group the lead investor in Tenstorrent’s latest funding round, a total of USD 100 million.

The investment will be used to accelerate Tenstorrent’s design and development of AI chiplets and its machine learning (ML) software roadmap.

Founded in 2016, Tenstorrent aims to create efficient and high-performance hardware solutions that enable deep learning at scale.

Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO) at Hyundai Motor Group, says: “Tenstorrent’s high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobilities. With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development.”

“The trust in Tenstorrent shown by Hyundai Motor Group leading our round is truly humbling,” adds Jim Keller, CEO of Tenstorrent. “It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us.”

Hyundai established its own Semiconductor Development Group earlier in 2023.

This specialised group is dedicated to semiconductor development for the group's imobilities, achieved through strategic collaborations with various external partners.