Cognichip raised $60 million in an oversubscribed Series A funding round. Seligman Ventures led the financing with participation from all existing seed investors. Total funding for the startup now reaches $93 million.
The capital will accelerate development of the Artificial Chip Intelligence (ACI) platform. This technology automates semiconductor design to reduce production time and expenses. Cognichip claims its physics-informed AI can cut development costs by 75%. The platform also aims to reduce design timelines by 50%.
Umesh Padval of Seligman Ventures and Intel CEO Lip-Bu Tan will join the board of directors. Tan is the former CEO of Cadence Design Systems, a major electronic design automation firm. Cognichip intends to disrupt the traditional design market currently led by companies like Cadence.