UK chipmaker Graphcore valued at $2.8bn after it raises $222m

British firm challenges rivals including Nvidia with chips used in artificial intelligence

Graphcore, the UK maker of chips designed for use in artificial intelligence, has raised $222m (164m) from investors, valuing the company at $2.8bn.

The Bristol-based company's latest round of funding was led by the Ontario Teachers' Pension Plan as well as investors including Fidelity International and Schroders. Existing Graphcore investors, including Baillie Gifford and Draper Esprit, also joined the round.