Velaura AI completes $110 million Series A financing with a valuation of over $1 billion

According to Reuters, artificial intelligence chip design company Velaura AI announced the completion of a $110 million Series A financing round, with a valuation exceeding $1 billion. Seligman Ventures led the investment, with participation from Capricorn Investment Group, Samsung Catalyst Fund, StepStone Group, and Maverick Silicon.

The company primarily develops low-power chips and software technologies for data centers and physical AI applications, including robotics and autonomous systems. The new funds will be used to accelerate the development and deployment of its AI products and to hire engineers and customer service personnel. It is reported that the company is in talks with three of the four major cloud service providers and hopes to develop them into potential clients, but declined to disclose which three they are.