Proximal Ventures secures $27.5 million for debut AI healthcare fund
Founder Sahir Raoof is targeting early-stage businesses that use AI to improve pharmaceutical services, with seven startups already in the portfolio.
Fractile raises $720 million in funding at $7 billion valuation
British government funds joined the Series C round as the AI chip developer prepares to introduce its first commercial chip in 2027.
AI chip developer Fractile raised $720 million in Series C financing, the company said, with a person involved in the transaction putting its valuation at $7 billion on November 11. British government investors participated alongside venture capital firms and other backers.
Thrive Capital, Founders Fund, Lightspeed and Redpoint led the financing. Participants also included CapitalG, Google's venture arm, as well as BlackRock, DST Global, Elad Gil, Balderton and SV Angel. Public-sector backing came from Britain's Sovereign AI fund and the British Business Bank.
Operating from London and Bristol, Fractile is designing chips for AI inference — the stage when models produce responses. The company says its approach can increase processing speed and reduce both energy consumption and costs. It plans to introduce its first commercial chip in 2027.
The funding comes as Britain seeks to develop domestic AI infrastructure and retain more of the economic benefits of its research and chip-design expertise. AI Minister Kanishka Narayan said the government wanted to change a pattern in which British scientific ideas generated technology, industry and wealth elsewhere.