'British Nvidia' chip manufacturer Graphcore is facing difficulties such as layoffs and expanding losses, and plans to raise funds to survive

News from this site on October 6, according to a report by Bloomberg on Thursday local time, Graphcore, an AI chip manufacturer widely regarded as "British Nvidia", said that after successive losses, the company needs to raise funds to ensure continued operations .

According to reports, Graphcore has submitted 2022 financial documents to relevant British agencies. The document revealed that the company is currently negotiating with potential investors, but has not yet reached an agreement.

Currently, the company’s pre-tax loss has expanded by 11% compared with the same period last year, reaching $204.6 million (currently Site notes: currently approximately RMB 1.496 billion), and cash and short-term investments at the end of the year were US$157 million (currently approximately RMB 1.148 billion).

In addition,

the company also closed offices in Norway, Japan and South Korea, reducing the number of employees from 631 to 494 at the end of last year, and revenue fell by 46%. The revenue decline was said to be caused by massive order delays.

Founded in 2016, Graphcore was considered one of the UK’s “most promising” start-ups when it raised funding two years ago at a valuation of US$2.8 billion (currently about 20.468 billion yuan) . The company established its Chinese headquarters in Beijing in 2019 and determined its Chinese name "Yuwei".

According to previous reports by this site, the company raised 158 million pounds (currently approximately 1.405 billion yuan) in 2018 from investors such as Microsoft and BMW. In 2020,

the company received US$222 million in financing in order to challenge competitors such as NVIDIA and Intel .

The company’s co-founder Nigel Toon said the deteriorating economic environment last year had hurt hardware sales. According to a report by The Sunday Times earlier this year, venture capital firm Sequoia Capital reduced the value of its Graphcore shares to $0

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