Olix, the UK‑based AI chip startup founded by 25‑year‑old James Dacombe, raised $312m in a round led by New York‑based Fundomo, with backing from Arm, Hudson River Trading and Reed Hastings.

The funding pushes Olix’s post‑money valuation to $3.3bn, up from just over $1bn in February when it secured $220m from Hummingbird Ventures, Plural, Local Globe and Entrepreneurs First.

Olix aims to deliver AI chips that are faster and cheaper than Nvidia’s, the current industry leader. The company’s strategy taps into the booming AI infrastructure market, alongside European peers such as Dutch Axelera and UK‑based Fractile, amid a mixed sentiment from public chip stocks.

With the new capital, Olix has hired former Wise CFO Matt Briers and plans to tape out its chips later this year, targeting first products in customers’ hands next year.