UK-based AI chipmaker Graphcore has raised $222 million in a Series E funding round that values the company at $2.77 billion post-money.

The new investment will be used to support the company’s continued global expansion and to further accelerate future IPU silicon, systems and software development.

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) led the round with participation from funds managed by Fidelity International and Schroders, along with existing Graphcore investors including Baillie Gifford and Draper Esprit.

This investment brings the total funds raised by Graphcore to more than $710 million, with the company expecting to have over $440 million of cash on hand post-closing to support future growth.

The new investors bring to the table experience in disruptive technology and support for scale-up businesses and underscore the size of the market opportunity that Graphcore is addressing in datacentre AI compute, as well as the maturity of the company’s product offerings.

The company’s Mk2 IPU products were unveiled in 2020 and are now shipping in production volume to customers.