Quadric Adds $10 Million to Series B Funding

<p><strong>BURLINGAME<&sol;strong> &&num;8211&semi; Quadric&comma; a licensor of general purpose neural processing unit &lpar;GPNPU&rpar; IP&comma; has completed an extension of its Series B funding round&comma; raising an additional &dollar;10 million of equity and debt financing in addition to the &dollar;21 million equity investment announced in February of this year&period; Xerox Ventures and Mesh Ventures are the latest investors to back Quadric’s innovative processor architecture&comma; joining existing investors DENSO&comma; MegaChips&comma; Leawood VC&comma; Pear VC&comma; Uncork Capital&comma; and Cota Capital&period;<&sol;p>&NewLine;<p>Quadric&&num;8217&semi;s unique Chimera GPNPU was announced in November&period; It is a licensable intellectual property processor core sold to semiconductor and systems OEM design teams building advanced custom silicon chips for a wide range of end applications&period; Chimera GPNPUs are an alternative to complicated heterogeneous multicore solutions&comma; simplifying both the design and programming of devices running leading-edge machine-learning algorithms&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The market has enthusiastically received the announcement of the Chimera GPNPU&comma;” said Veerbhan Kheterpal&comma; Co-founder and CEO of Quadric&period; &OpenCurlyDoubleQuote;We are rapidly ramping up our commercial teams to engage customers and continuing to expand our top-notch engineering organization to deliver our GPNPU and our world-class software tools for application development&period; This Series B funding extension gives us even more financial firepower to bolster that expansion&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Machine learning processing is increasingly critical to the success of systems&comma; products and devices across nearly every end market category&comma;” said Dean Mai&comma; investment director at Xerox Ventures&period; &OpenCurlyDoubleQuote;Quadric has taken a software first approach and has created a unique unified architecture that allows for all software and machine learning processing to be done on a single chip&comma; eliminating latency and bandwidth bottlenecks&period; We were impressed with the unique competitive advantages that Quadric brings to the market&comma; as well as the strong&comma; experienced team the company has assembled to deliver the founders’ vision&period; We are pleased to join in supporting the realization of that vision&period;”<&sol;p>&NewLine;