According to TechCrunch, Axelera, an AI chip company incubated by crypto mining company Bitfury, has raised $27 million in Series A round led by Innovation Industries, with participation from Imec xpand and the Federal Holding and Investment Company of Belgiu, and the financing will be used for its hardware commercialize. In addition, the Netherland Enterprise Agency awarded Axelera AI a $6.7 million loan commissioned by the Ministry of Economic Affairs and Climate Policy. Axelera is working to develop AI acceleration cards and systems for use cases like security, retail and robotics that it plans to sell through partners in the business-to-business edge computing and Internet of Things sectors.