According to CoinMeta, a British AI chip startup named Fractile has announced the completion of a $720 million Series C financing round, with participation from a British sovereign AI fund. This financing round was led by Thrive Capital, Founders Fund, Lightspeed Venture Partners, and Redpoint, and the company’s valuation has exceeded £5 billion. In addition to developing chips, Fractile is also building a machine learning compiler. The company stated that the new funding will support them in delivering the first batch of chips and systems next year.