Depo Ventures and Tensor Ventures exit Neuronix, US-Israeli chip startup

Czech VC firms Depo Ventures and Tensor Ventures have announced their exit from Neuronix AI Labs, a US-Israeli AI chip developer. The startup, which boasts several patents and over two decades of industry experience, was acquired by the American tech giant Microchip Technology for an undisclosed amount.

• Founded in 2020 by Yaron Raz and Asher Hazanchuk, Neuronix AI Labs offers a solution that focuses on lowering computer vision AI cost and power consumption. Based in Sunnyvale, California, the company aims to reduce costs in sectors such as semiconductors, security technologies, and smart cities.
• According to the company, it enables the increase of hardware computing capacity to keep up with advancements in artificial intelligence. Currently, Neuronix boasts several patents and over two decades of industry experience among its team members.

• Initially, it was discovered by Depo Ventures and later nurtured to success with the strategic partnership of Tensor Ventures. Apart from the funds, Neuronix AI previously attracted investments from Frontures and Alchemist Accelerator.

Our involvement began when Yaron approached me as a mentor during the winter cohort of the Alchemist Accelerator in 2021. I immediately knew we had to seize the opportunity to invest. Despite being perceived as ‘too deep tech’ by many Silicon Valley funds at the time, I reached out to Tensor Ventures to join us. This American-Israeli-Czech collaboration has been instrumental in the startup’s journey, playing a strategic role in the success of Yaron and his team. It proves that investments in cutting-edge technology are worthwhile. I thank Yaron and Asher for their dedication and hard work, and wish them continued success under the umbrella of Microchip Technology,

Michal Ciffra from Depo Ventures commented.

• The exact amount of the deal was left undisclosed. The buyer, Microchip Technology, the leading semiconductor supplier of smart, connected and secure embedded control solutions, has a market cap of around $46 billion.

The sale of our stake in Neuronix is quite extraordinary given the fiercely competitive market in Israel. The success of this transaction is closely tied to the direct involvement of Tensor Ventures in the M&A process, and our extensive experience in the semiconductor industry, particularly insights from Intel,

Petr Ulvr, co-founder of Tensor Ventures, commented.

The transaction marks the second exit in Tensor Ventures’ portfolio, which held the largest share in the startup.