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Chip startup MatX, founded by former Google TPU engineers, has completed a $500 million Series B funding round led by Jane Street and Situational Awareness. The company is dedicated to developing processors that are claimed to be 10 times more efficient than NVIDIA GPUs for training AI models. Other investors include Marvell Technology and the co-founders of Stripe. The funds will be used to support chip manufacturing with TSMC, with the goal of starting shipments in 2027.