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

Amazon founder Jeff Bezos participated in a funding round for AI chip startup Tenstorrent. Alongside Samsung Securities and AFW Partners, the billionaire's Bezos Expeditions participated in the $693 million Series D funding round that valued the startup at more than $2.6 billion.

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.