Dublin-listed Draper Esprit invests $12m in chip developer
Dublin-listed Draper Esprit has invested a further $12m (€10.5m) in chip maker Graphcore as part of a $200m (€176m) funding round.
The company had previously invested £5m (€5.56m) in the group. Other investors in the funding round include Microsoft and BMW.
The latest investment values the Bristol-based computer chip maker at $1.7bn (€1.5bn).
Graphcore, which has built a completely new kind of processor and software specifically designed for machine intelligence, generated its first revenues this year, two years after the business was set up.
Draper Esprit said the latest funding was a further step towards fulfilling Graphcore's ambition to build a major European technology company, focused on the new and fast-growing machine intelligence market. The funding will be used to help the company rapidly scale up.
"We're thrilled to have been able to support Graphcore from seed stage through to this major new Series D growth round," said Simon Cook, CEO at Draper Esprit.
"Graphcore is a stellar example of our evergreen model, providing capital throughout the growth cycle of some of the most exciting tech companies and helping them grow into world-leading global companies".
Last week the venture capital company announced a €14m investment in Finalcad, an infrastructure and construction mobile software platform.
Other recent investments led by Draper Esprit include $14m (€12.3m) in fintech company Form3, $31m (€27.2m) of funding for protein characterisation firm Fluidic Analytics, and a £14.5m (€16.1m) growth round for UK-based crowdfunding platform Crowdcube. In November, the company said its portfolio value had jumped 45pc to £354m (€404m) in the six months to September 30.