Merian Chrysalis makes first investments – Merian Chrysalis has announced deals which, if completed, would make it 60% invested. The latest is an investment of approximately $25 million in a $200 million series D funding round conducted by Graphcore Limited. Graphcore is a leading artificial intelligence processor company, which has developed the Intelligence Processing Unit (IPU) and the related Poplar(R) graph software toolchain. The IPU is a processor that has been designed from the ground up for machine intelligence applications and supports both the training and inference of deep learning models as well as other machine learning approaches. Based in Bristol, Graphcore’s products can improve the efficiency and performance of artificial intelligence applications by between 10x to 100x, compared to existing hardware solutions. Initial markets are expected to include cloud and datacentre applications, where strong interest has been shown from leading companies. Graphcore has now raised a total of over $300M in capital and intends to utilise the proceeds of the funding to up-scale its operations to meet projected customer demand and to expand its global operations.
Talking about this deal, Nick Williamson, co-fund manager commented: “We are tremendously excited to announce our support of this British business as it attempts to shake up the machine intelligence market with its revolutionary new processor. We believe the machine intelligence market will show substantial growth in the coming years and that Graphcore is well positioned to generate material revenues. The business has had meaningful, global engagement with its technology and we look forward to working with the Graphcore team to deliver on this opportunity.”
Update on acquisition of the Initial Portfolio and The Hut Group
In its prospectus published on 11 October 2018 the Company announced its intention to apply 30 per cent. of gross issue proceeds of its initial issue toward the acquisition of an initial portfolio, comprising shares in TransferWise and shares in Secret Escapes. This deal has now become unconditional, resulting in the application of 17 per cent. of the net issue proceeds to the acquisition of shares in TransferWise and the application of 13 per cent. of the net issue proceeds to the acquisition of shares in Secret Escapes. The company has also entred into a share purchase agreement to acquire shares in The Hut Group for approximately GBP9.5 million. The company currently anticipates completion to occur by the end of 2018.
MERI : Merian Chrysalis makes first investments