Intel-Backed SambaNova Raises Cash, Touts SoftBank Chip Contract

Artificial intelligence chip startup SambaNova Systems Inc. raised $350 million in a new funding round and said that customers such as SoftBank Group Corp. are preparing to use its latest technology in data centers.

As part of the fundraising announcement, SambaNova introduced a chip called SN50 that’s designed to run as much as five times faster than rival processors. The startup is working with investor Intel Corp. to speed adoption of the technology, which will ship to customers later this year.

SambaNova is trying to carve out a piece of the massive market for AI computing — an area currently ...