The Briefing: Graphcore Raises $222M, DXY Closes On $500M, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Graphcore raises $222M for AI microprocessors

Graphcore, a U.K.-based startup that develops a microprocessor designed specifically for artificial intelligence and machine-learning applications, has raised $222 million in a Series E funding round.

Ontario Teachers’ Pension Plan led the financing, which reportedly sets a post-money valuation of $2.77 billion for the Bristol-based company.

The latest round brings total funding to date for Graphcore, which was founded in 2016, to over $780 million.

Funding rounds

• China’s DXY lands $500M for online health: DXY, an online health care community for Chinese consumers and health care organizations, raised $500 million in a Series E round led by private equity firm Trustbridge Partners and joined by existing backer Tencent.

Other news

• Coinbase to suspend XRP trading: Coinbase said it will suspend trading of  the cryptocurrency XRP, following a lawsuit from the U.S. Securities and Exchange Commission last week against Ripple, the company that developed it.

Illustration: Dom Guzman