Olix raises $312M at $3.3B valuation to challenge Nvidia
What's the deal? London-based Olix has raised $312 million in a Series B round led by FundomoDealroom has a profile for this one. Try Dealroom →, valuing the AI chip startup at $3.3 billion. Arm, Hudson River TradingDealroom has a profile for this one. Try Dealroom →, and Netflix co-founder Reed HastingsDealroom has a profile for this one. Try Dealroom → also took part.
By the numbers: The round more than triples Olix's valuation from just over $1 billion in February 2026, when it raised $220 million. It ranks among the largest Series B rounds ever for a UK hardware company, in the top 1% of 143 such deals.
What's the endgame? Founded in 2024 by James Dacombe, Olix is building specialised silicon for specific AI workloads as an alternative to Nvidia. Its main differentiator is a photonic interconnect that uses lasers to move data between chip clusters faster and more efficiently.
The company plans to tape out its chips before the end of 2026 — the final stage before manufacturing — and expects to deliver first products to customers in 2027. It is also building a server rack offering that pairs its chips with software and networking equipment.
Why now? Private capital keeps flowing into AI chip developers even as Wall Street grows cautious about debt-fuelled AI infrastructure spending and listed semiconductor stocks sell off. Dacombe says the industry is shifting away from relying on a single chip architecture for every task.
Key hire: Olix appointed Matt Briers, former chief financial officer at UK fintech WiseDealroom has a profile for this one. Try Dealroom →, as its CFO. The move adds a senior finance leader as the company scales toward manufacturing and customer deliveries.
Olix employs more than 140 staff across London, Bristol, Toronto, and Austin, drawing talent from US Big Tech and semiconductor companies. It says it has used AI tools to speed development, including work on the compiler that lets AI software run on its chips.
The signal: Olix joins a well-funded field racing to challenge Nvidia. Bristol-based Fractile raised $220 million in May 2026, EtchedDealroom has a profile for this one. Try Dealroom → closed $300 million in July 2026 at a $10.3 billion valuation, and SambaNova raised $1 billion at an $11 billion valuation — a sign investors still see room for alternatives despite public-market jitters.
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Image credit: OLIX.
