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

As the quest for more power and cost efficiency in AI ramps up, smaller companies are sprouting up trying to snatch market share from Nvidia.

Tenstorrent, the company vying to compete with Nvidia is now valued at $2.6 billion after Jeff Bezos joined Samsung in a $700m bet on the startup.

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.