AI chip startup Mythic raises $125 million, aiming to challenge Nvidia.

Chip startup company Mythic Inc. raised $125 million in a new round of financing, which will be used to support the company in challenging NVIDIA in the lucrative artificial intelligence processor market. A statement on Wednesday showed that Mythic hired NVIDIA veteran Taner Ozcelik as CEO last year, and this funding round was led by venture capital firm DCVC. Other investors include SoftBank Group and Honda Motor Co. The company has adopted a new approach to processing the large amount of data required to run artificial intelligence software. Its technology relies on analog chips, which consume much less power than the digital components typically used as the "brains" of computers. Ozcelik, who worked at NVIDIA for ten years and was greatly influenced by NVIDIA co-founder and CEO Jensen Huang, said, "We are clearly stating that our goal is to catch up with NVIDIA."