Edge AI semiconductor firm Memry X has raised $44 million in a Series B funding round.

First reported by Silicon Angle, the company’s chief executive Keith Kressin said the funding will be used to ramp up production on the company’s MX3 chips and complete the design of the iteration of its MX4 chip.

The MX3 provides up to 6 TFlops depending on power availability. The chips are also designed for very low power use, with an average power of 0.6 to two watts per chip.

The chip is suitable for AI-powered applications, and the firm provides various software tools for developers, including hundreds of AI models available on its MemryX Developer Hub platform.

The funding round brings the total raised by MemryX to around $63 million.

The company did not disclose the backers of its current round. However, its Series A round in 2021 attracted investors such as Innovation Partnerships, Arm IoT Capital, HarbourVest Partners, eLab Ventures, and Hemi Ventures.

“Our software-first core architecture has enabled us to be extremely capital efficient while developing a robust software stack and supporting dozens of customers. It also provides a very strong foundation to build our next-generation MX4 accelerator,” said Kressin.

Founded in 2019, MemryX designs AI accelerator chips for autonomous vehicles, robotics, industrial automation, IoT devices, drones, and healthcare equipment.

Also in the company’s offerings is an M.2 module, capable of housing four MX3 chips, delivering up to 24TFlops. The module supports all common AI frameworks and up to 80 million weight parameters using on-chip storage that eliminates the need for extra memory.