Fractile Raises $720M for AI Chip Development

Fractile, a British startup focused on AI chip development, has secured a $720 million Series C funding round led by Thrive Capital, Founders Fund, Lightspeed Venture Partners, and Redpoint. The funding aims to enhance the U.K.'s stake in AI hardware and support the company's full-stack approach, which includes a machine learning compiler for optimizing large language models (LLMs). The company's valuation is reported to be over £5 billion, potentially reaching $7 billion.