Las Vegas-based cloud startup TensorWave raised $350 million in a Series B funding round.
AMD and hedge fund Magnetar Capital co-led the investment.
The round brings TensorWave's post-money valuation to $1.55 billion.
This figure nearly quadruples the startup's $400 million valuation from one year ago.
TensorWave uses AMD hardware exclusively to compete against Nvidia in the AI infrastructure market.
CEO Darrick Horton stated the company intends to restore competition to the sector.
The new capital will fund the expansion of data centers using additional AMD chips.