Czech-Based Tensor Ventures Celebrates Second Exit in Their Portfolio

In a nutshell

• Tech giant Microchip Technology has recently acquired Neuronix AI Labs, in response to the growing demand for advanced AI technologies. 
• This marks the second exit in Tensor Ventures’ portfolio.

Their background story

Microchip Technology, a company developing and manufacturing semiconductor products for various embedded control applications, with a market value of $47.8B, aims to strengthen its position with the recent acquisition of Neuronix AI.

The US-Israeli Neuronix AI, founded in 2020 by Yaron Raz and Asher Hazanchuk, is a solution that aims to reduce computer-vision AI cost and power consumption for cloud and edge-device applications. The scale of the startup was influenced by its largest investor, the Prague-based deep tech fund, Tensor Ventures. 

Besides Tensor Ventures and Depo Ventures, Neuronix AI attracted investments from Frontures and Alchemist Accelerator. The transaction was facilitated by Harvest Management Partners.

Tensor Ventures and Depo Ventures are selling their stakes in the American-Israeli startup Neuronix AI. Tensor held the largest share.

In their own words

“Advancements in hardware alone are currently insufficient to keep pace with developments in artificial intelligence technologies, creating both disparities and pressure to create solutions capable of processing data faster and with lower energy consumption”, explained co-founder and CEO of Neuronix AI, Yaron Raz.

“Thanks to its expertise in machine learning, computer vision, video compression and software optimization, Neuronix AI significantly reduces energy consumption and costs in areas such as semiconductors, security technologies, smart cities, mobility, retail, and other industrial sectors”, he added. 

“The sale of our stake in Neuronix is quite extraordinary given its context in a fiercely competitive market in Israel. The success of this transaction is also closely related to Tensor Ventures direct involvement in the M&A process and our extensive experience in the semiconductor industry, particularly from Intel”, said Petr Ulvr, one of the co-founders of Tensor Ventures, who oversaw the transaction for the fund.