CentML Gets $27 Million Boost from Google and Nvidia to Tackle AI Chip Shortage

Published: October 25, 2023 at 9:58 am Updated: October 25, 2023 at 9:58 am

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In Brief

CentML has received $27 million in funding, with support from tech giants Google and Nvidia, to address the pressing issue of the AI chip shortage.

CentML’s innovative solutions aim to optimize specialized processors for AI training.

Nvidia and Google’s venture fund, among others, have pledged $27 million in a seed funding round to support CentML, a promising startup dedicated to optimizing specialized processors for AI training. Additional investors backing the innovative venture include Gradient Ventures, Radical Ventures, Deloitte Ventures, and Thomson Reuters Ventures.

As the AI industry grapples with a severe shortage of graphic processor units (GPUs) and skyrocketing prices, CentML, a Toronto-based startup founded in 2022 by machine learning PhD Gennady Pekhimenko, offers innovative solutions to extract greater computing power from existing hardware.

CentML raised $30.5 million by extending its seed funding round in response to growing interest in its product after initially closing it in 2022.

The company’s software focuses on improving the efficiency of machine learning systems by optimizing hardware utilization. By monitoring systems to identify underutilized areas and analyzing cost, power consumption, and emissions, CentML’s technology automatically distributes tasks to expedite processing. According to its research, the average GPU utilization in the market is currently at approximately 30%, but CentML’s technology has the potential to accelerate systems by up to 8 times.

Founder and CEO Gennady Pekhimenko plans to double the company’s current workforce of 30 employees and expand into Silicon Valley to tap into more talent. He emphasized the increasing gap between the size of AI models and available computing power, stating, “There’s a desperation for compute, and chipmakers can’t supply it fast enough.”

With major tech industry players investing in CentML’s groundbreaking solutions, the startup aims to play a pivotal role in overcoming this bottleneck in AI development.

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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected].