SoftBank has made a significant move in the AI industry by acquiring Graphcore, an eight-year-old company, for an undisclosed sum believed to be approximately $500 million. Nigel Toon, CEO of Graphcore, expressed his enthusiasm about the acquisition, stating that "Graphcore will join SoftBank Group to build the next generation of AI compute," emphasizing their pivotal role in realizing an ambitious vision.
Despite having previously raised a substantial $700 million and attaining a valuation of over $2.5 billion, Graphcore recorded modest sales of $2.7 million in 2022, with a substantial loss of $205 million for that fiscal year. Noteworthy backers of Graphcore include industry giants such as Microsoft, as well as influential entities like OpenAI’s co-founder Ilya Sutskever, Molten Ventures, Atomico, and Baillie Gifford.
Following the acquisition, both CEO Nigel Toon and CTO Simon Knowles will continue to be part of the Graphcore team, signifying a continuity of leadership and expertise within the company as it integrates into the SoftBank Group.
This strategic acquisition by SoftBank underscores its commitment to shaping the future of artificial intelligence and positions Graphcore as a key asset in its portfolio as it seeks to revolutionize the AI compute landscape. With the backing of such influential players, Graphcore's role in shaping the next stage of AI development is set to be highly impactful, and the collaboration between SoftBank and Graphcore is anticipated to yield significant advancements in the field.
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