Rain raises $25m

Rain uses memristors for both processing and memory. Performing both functions in the same place is said to  make the processing of AI algorithms much faster than can be done with digital ICs.

“By building neural circuits, we can achieve extraordinary efficiency and extraordinary scale simultaneously,” says Gordon Wilson, Rain’s CEO

Alongside fellow startups SambaNova Systems, Groq, and Cerebras Systems, Rain is going for Nvidia’s AI market share.

The money will be used to expand the engineering team.

The round was led by Prosperity 7 Ventures, a venture capital fund of Aramco Ventures.