Japan’s SoftBank will be the first to deploy the new SN50 chips, while Intel is partnering with SambaNova to roll out its Intel-powered AI cloud.
Intel-backed Nvidia rival SambaNova has raised $350m in a Series E round led by Vista Equity Partners and Cambium Capital, with strong participation from Intel Capital.
Reuters was first to report the planned raise earlier this month. While details of the investment were not disclosed at the time, sources had told the publication that Intel Capital’s contribution would be around $100m, with potential commitments of up to $150m.
Other participants in the round included Gulf Development, Assam Ventures, Battery Ventures, Atlantic Bridge, GV and BlackRock.
According to SambaNova, proceeds from the raise will be used to expand the production of the company’s newly introduced SN50 chip – touted to deliver “the best tokens per watt” – as well as to scale ‘SambaCloud’ and deepen enterprise software integrations.
SoftBank will be the first to deploy SN50 within its AI data centres in Japan, powering inference services for sovereign and enterprise customers across the Asia-Pacific.
Intel has close ties with the 2017-founded SambaNova, with CEO Lip-Bu Tan serving as chairperson on SambaNova’s board. Alongside the raise, the two companies have also jointly announced a multi-year collaboration to deliver cost-efficient AI inference solutions for AI companies, model providers, enterprises and governments worldwide.
As part of the collaboration, Intel is making a strategic investment in SambaNova to accelerate the rollout of an Intel-powered AI cloud.
“AI is no longer a contest to build the biggest model,” said Rodrigo Liang, co‑founder and CEO of SambaNova.
“With the SN50 and our deep collaboration with Intel, the real race is about who can light up entire data centres with AI agents that answer instantly, never stall, and do it at a cost that turns AI from an experiment into the most profitable engine in the cloud.”
The company positions itself as a rising competitor looking to take some of Nvidia’s gigantic share in the AI chips market. Liang, who previously worked as an executive at cloud provider Oracle, said in 2024 that Nvidia had “lost some of its sheen” and that “rivals are biting at its heels”.
Kevork Kechichian, the executive vice-president and general manager for Intel’s data centre group, said: “Customers are asking for more choice and more efficient ways to scale AI.
“By combining Intel’s leadership in compute, networking and memory with SambaNova’s full-stack AI systems and inference cloud platform, we are delivering a compelling option for organisations looking for GPU alternatives to deploy advanced AI at scale.”
Other companies are also looking for alternatives to Nvidia. Meta yesterday (24 February) said that it would buy billions of dollars’ worth of AMD’s chips to develop AI tech and power new data centres. The deal could see Meta taking a stake of up to 10pc in AMD.
Earlier this month, Cerebras Systems, which also positions itself as a rival to Nvidia, raised $1bn in a Series H round led by Tiger Global with participation from AMD. In January, Cerebras and its early backer OpenAI announced a partnership to deploy 750MW of Cerebras’s wafer-scale systems to make OpenAI’s chatbots faster.
Positron, another Nvidia competitor that offers energy-efficient AI chips for inference, raised $230m from Arm Holdings and the Qatar Investment Authority in recent weeks, taking its valuation above $1bn.
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