The UK government's Sovereign AI venture fund has backed OLIX, a British startup focused on developing next-generation AI computer chips. This investment forms part of a nine-figure fundraise announced on Thursday, 30 July.
OLIX, with offices in London and Bristol, is working on 'inference chips' designed to make AI technology more affordable and efficient. The company, founded in 2024 by James Dacombe, is now valued at over $1 billion.
AI Minister Kanishka Narayan stated that backing companies like OLIX is crucial for Britain to lead in AI, attract investment, and create high-skilled jobs. Joséphine Kant, Sovereign AI Head of Ventures, described OLIX as one of Britain's most ambitious hardware businesses.
The global AI chips market is projected to reach one trillion dollars in the early 2030s, presenting significant opportunities for the UK.