Aidan Daly
EnCharge AI closed its second institutional funding round – which saw participation from RTX Ventures, VentureTech Alliance and ACVC Partners – and secured $22.6 million in additional funds from strategic partners.
EnCharge AI, which has raised $45 million to date, said Tuesday the funding round underscores the demand for new AI chips.
Daniel Ateya, president and managing director of RTX Ventures, said the investment supports EnCharge in developing its novel chip architecture.
“The computational needs of AI push the limits of today’s enterprises, resulting in expensive operations, environmental issues, and inadequate performance. This makes it difficult for small and medium-sized businesses to fully utilize AI’s advantages,” said Naveen Verma, CEO and co-founder of EnCharge AI.
Verma adds that EnCharge wants to create scalable hardware and software solutions that make AI more accessible and efficient for everyone to level the playing field.
