d-Matrix Valuation, Funding & Investors

d-Matrix is valued at $2B as of November 2025.

Last d-Matrix valuation

$2B

Series C · Nov 2025

Last d-Matrix funding round

$275M

Series C · Nov 2025

Cumulative funding d-Matrix raised

$429M

across 3 funding rounds

Key investors in d-Matrix

  • Temasek
  • M12
  • Nautilus Venture Partners
  • Industry Ventures
  • EDBI
  • TSVC

d-Matrix Overview

About d-Matrix

d-Matrix is a developer of AI inference platforms for data centers handling generative AI workloads. The company offers the Corsair inference accelerator card, JetStream I/O networking accelerator, and SquadRack rack-scale systems. These integrate memory-embedded processing to minimize data movement, boosting throughput and energy efficiency for enterprise deployments. d-Matrix provides software for model debugging and performance monitoring.


Founded

2019

HQ

United StatesSan Jose, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

Valuation

$2B (Nov 2025)

d-Matrix Valuation

d-Matrix is currently valued at $2B, based on its Series C in November 2025.

The $275M round was led by Bullhound Capital, Temasek and Triatomic Capital, with participation from Mirae Asset, Industry Ventures, Qatar Investment Authority, Nautilus Venture Partners, M12 and 1 other investor.

d-Matrix valuation by funding round

d-Matrix valuation by funding round
DateStageValuation
Nov 2025Series C$2B

d-Matrix Funding History

d-Matrix has raised a total of $429M across 3 funding rounds.

d-Matrix's first fundraising round was a $44M Series A in April 2022. The most recent completed round was a $275M Series C in November 2025.

d-Matrix funding rounds

d-Matrix funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Series CBullhound Capital (lead); Temasek (lead); Triatomic Capital (lead); Mirae Asset; Industry Ventures; Qatar Investment Authority; Nautilus Venture Partners; M12; EDBI$275M$2Bd-Matrix, a Santa Clara-based pioneer in generative AI inference compute for data centers, develops the Corsair inference accelerators, JetStream networking accelerators, and Aviator software stack, focusing on a new architecture for efficient, high-performance AI inference at scale. Founded six years prior by CEO Sid Sheth and CTO Sudeep Bhoja, the company targets hyperscale, enterprise, and sovereign customers facing inference workload demands projected to consume up to 80% of AI compute by 2026. With over 250 employees worldwide, d-Matrix emphasizes energy efficiency and sustainability to address data center power challenges, positioning itself as a challenger to Nvidia's GPU dominance in inference economics. On November 12, 2025, d-Matrix closed an oversubscribed $275 million Series C funding round, valuing the company at $2 billion post-money and bringing total funding raised to $450 million. The round was co-led by Bullhound Capital, Temasek Holdings, and Triatomic Capital, with participation from EDBI, Industry Ventures, M12 (Microsoft's venture fund), Mirae Asset, Nautilus Venture Partners, and Qatar Investment Authority. Morgan Stanley acted as exclusive placement agent, and Wilson Sonsini Goodrich & Rosati provided legal counsel. This capital infusion accelerates product roadmap advancements, including 3D memory-stacking innovations, global expansion, and large-scale deployments. Investor confidence stems from d-Matrix's differentiated technology, rapid customer growth, and strategic partnerships, such as the SquadRack open standards-based reference architecture with Arista, Broadcom, and Supermicro. The funding validates the company's early focus on inference as AI shifts from training to continuous scaled operations, enabling AI infrastructure to operate everywhere, all the time.
Sep 2023Series BTemasek (lead)$110M--
Apr 2022Series AM12 (lead); Playground Global (lead); SK Hynix (lead); Entrada Ventures; TSVC; Marvell Technology; Nautilus Venture Partners$44M--

Who has invested in d-Matrix?

14 investors have backed d-Matrix across its funding rounds, including Temasek, M12, Nautilus Venture Partners, Industry Ventures, EDBI and TSVC.

Lead investors include Bullhound Capital, Temasek, Triatomic Capital, M12, Playground Global and 1 other investor.


d-Matrix Investors

Investors in d-Matrix by funding rounds participated
InvestorHQRoundsRoleFirst check
TemasekSingaporeSingapore2LeadSep 2023
Nautilus Venture PartnersUnited StatesSan Francisco, CA2ParticipantApr 2022
M12United StatesUnited States2LeadApr 2022
Mirae AssetSouth KoreaSeoul1ParticipantNov 2025
Industry VenturesUnited StatesSan Francisco, CA1ParticipantNov 2025
Entrada VenturesUnited StatesSanta Barbara, CA1ParticipantApr 2022
Qatar Investment AuthorityQatarQatar1ParticipantNov 2025
Playground GlobalUnited StatesSan Francisco, CA1LeadApr 2022
TSVCUnited StatesSan Francisco, CA1ParticipantApr 2022
SK HynixSouth KoreaSouth Korea1LeadApr 2022
Marvell TechnologyUnited StatesSan Jose, CA1ParticipantApr 2022
EDBISingaporeSingapore1ParticipantNov 2025

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Acquisitions by d-Matrix

d-Matrix has acquired 2 companies to date.

Last acquisition by d-Matrix was on August 2nd 2026. d-Matrix acquired Wallaroo for undisclosed valuation.


Latest Acquisitions by d-Matrix

Wallaroo
GigaIO-Data Center Business
Description
Wallaroo is a Tel Aviv-headquartered platform for deploying and managing machine learning models at scale in production environments. Designed for continuous inference, it supports Python, Java, and Rust models across multi-cloud setups including Kubernetes and bare metal. Wallaroo enables low-latency serving for fraud detection, recommendation engines, and time-series forecasting, handling petabyte-scale data with horizontal scaling. The platform integrates with Kubeflow, MLflow, and Kafka for end-to-end MLOps workflows in finance and healthcare.
GigaIO-Data Center Business is a builder of composable rack-scale infrastructure for AI, HPC, and analytics workloads. FabreX, its patented PCIe fabric, connects compute, storage, and networking across racks for disaggregated data centers. High-performance sites use these for resource pooling.
HQ CountryUnited States-
HQ City
New York City, NY
-
Deal Date2 Aug 20261 Apr 2026
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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d-Matrix Competitors

d-Matrix competitors include listed companies like Haizhi and C3.ai, and private ones like Volta, Cloudinary, DeepL and Eros Innovation.

Public and private companies comparable to d-Matrix
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
VoltaUnited StatesSan Francisco, CAPrivate--$2.4B-
CloudinaryUnited StatesSan Jose, CAPrivate$100M-$2B20.0x
DeepLGermanyColognePrivate$50M-$2B-
Eros InnovationIsle of ManIsle of ManPrivate-$35M$2B-
HaizhiChinaChinaPublicly listed$93M($30M)$2.1B16.3x
C3.aiUnited StatesUnited StatesPublicly listed$250M($484M)$1.7B4.5x

d-Matrix Public Comps

d-Matrix is still privately-owned, but its public comps include SharonAI, Quantum Computing Inc., Haizhi, Keel Infrastructure, Ncino, VNET Group, C3.ai, Wenge AI, TRS Information Technology and SUNeVision.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SharonAI$2M($36M)752.3x13.7x(32.7x)46.2x
Quantum Computing Inc.$682K($34M)1433.0x48.0x(28.4x)(15.8x)
Haizhi$93M($30M)21.5x16.3x(67.1x)(440.4x)
Keel Infrastructure$229M($80M)11.2x18.2x(31.9x)(50.6x)
Ncino$595M$65M4.3x4.0x39.0x15.8x
VNET Group$1.5B$463M4.1x3.7x13.2x11.8x
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Wenge AI$60M($20M)27.6x-(82.7x)-

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Common questions about d-Matrix

When was d-Matrix founded?d-Matrix was founded in 2019.
Where is d-Matrix headquartered?d-Matrix is headquartered in San Jose, CA, United States.
Is d-Matrix publicly listed?No, d-Matrix is a private, VC-backed company.
What is d-Matrix's valuation?d-Matrix was last valued at $2B in its Series C in November 2025.
How much funding has d-Matrix raised?d-Matrix has raised $429M across 3 funding rounds.
What was d-Matrix's last funding round?d-Matrix's last funding round was a $275M Series C in November 2025, led by Bullhound Capital, Temasek and Triatomic Capital.
Who are d-Matrix's investors?d-Matrix's investors include Temasek, Nautilus Venture Partners, M12, Mirae Asset, Industry Ventures, Entrada Ventures, Qatar Investment Authority, Playground Global, TSVC, SK Hynix and 4 others.
Which companies are comparable to d-Matrix?Companies comparable to d-Matrix include Volta, Cloudinary, DeepL, Eros Innovation, Haizhi and C3.ai.
How many companies has d-Matrix acquired?d-Matrix has acquired 2 companies, including Wallaroo and GigaIO-Data Center Business.

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