Tenstorrent raises nearly $700 million in a Series D round that values the AI hardware company at more than $2.6 billion.

Jeff Bezos joined Samsung in a $700 million bet on Tenstorrent, valuing the AI chip startup with ambitions of taking on Nvidia Corp. at about $2.6 billion.Tenstorrent, which hopes to create a chip to try and break Nvidia’s stranglehold on the AI business,

Billionaire Jeff Bezos is throwing his weight behind a computing company that’s coming for Nvidia’s (NVDA) dominance of the artificial intelligence chip market.

Tenstorrent, which hopes to create a chip to try and break Nvidia’s stranglehold on the AI business, raised capital in a funding round led by South Korea’s AFW Partners and Samsung Securities, founder and semiconductor pioneer Jim Keller said in an interview.

Tenstorrent is also a proponent of an alternative kind of logic processor based on an open standard called RISC-V, which poses a challenge to Arm Holdings Plc.