Axelera AI, a provider of purpose-built AI hardware acceleration technology, has closed an oversubscribed $68 million Series B financing round, bringing the company's raised total to $120 million. The funding will support the company's global expansion, as well as opportunities in markets including automotive, digital healthcare, industry 4.0, retail, robotics and drones, and surveillance, the company said. Axelera AI has raised a total of $120 million as the AI hardware acceleration firm aims to penetrate new markets. Courtesy of Axelera AI. The company's Metis AI processing unit is designed to support computer vision inference on the edge and generative AI, using a digital in-memory computing platform to increase the number of operations per computer cycle without suffering from issues like noise or lower accuracy. According to Axelera, the company expects the device to begin full production in the second half of the year. The newly raised capital will enable Axelera to broaden its future product offerings from the edge to the data center to address the growing computing needs for generative AI, large language models, and large multi-modal models. This market expansion includes high-performance computing (HPC) through the design of high efficiency, high-performance, and price-competitive AI accelerators to power future exa- and peta-scale HPC centers.