Axelera AI, a startup specializing in AI processing units for computer vision inference workloads on the edge, has successfully closed an oversubscribed $68 million Series B financing round. This round, noted as Europe's largest oversubscribed Series B funding in the fabless semiconductor industry, brings Axelera's total funding to $120 million. The funds will be used to accelerate the development of next-generation artificial intelligence technologies and broaden their offerings from the edge to the cloud. The AI chip market is currently experiencing significant growth, and Axelera's recent funding highlights the increasing investment in this sector, as reported by TechCrunch.