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Olix, a UK semiconductor start-up founded in 2024 by James Dacombe, has raised $220 million in its latest funding round, increasing total financing to $250 million. The venture, valued at over $1 billion, is backed by investors including Hummingbird Ventures and aims to build AI chips faster and cheaper than Nvidia.

Instead of competing directly on current AI workloads, Olix is developing a new class of accelerator designed for AI inference, featuring an optical digital processor and an innovative memory architecture compatible with existing models. The company plans to deliver its first products in 2025, seeking to enhance the UK's position in the AI infrastructure market.