A chip designing startup, MatX, has raised Series-A funding of $80 Million after it had raised a funding of $25 Million seed round. 

Latest Funding 
The latest funding received by the startup has been led by Spark Capital, taking its post-money evaluation to $300 million range, TechCrunch reports. 

Utilization of the Funds 
The pair told Bloomberg that it aims to make its processors 10 times more efficient at training LLMs and delivering results compared to Nvidia's GPUs. According to The Information, MatX was seeking to raise between $75 million and $100 million in this funding round.

The Idea 
Currently, the startup stands at the seed stage, so it is important to understand the idea working behind the startup.  The founders say that the sweet spot for their chips is AI workloads of “at least” 7 billion, and “ideally” 20 billion or more activated parameters.

Last Funding 
The startup's last funding was the seed round, wherein it raised $25 million through high-profile AI investor Nat Friedman, former CEO of GitHub; and Daniel Gross, who previously ran search and AI at Apple after Apple bought his startup, Cue, in 2013.