Silicon Valley-based AI chip startup, SiMa.ai, successfully raised $70 million in a funding round led by Maverick Capital. This significant investment will support the development of chips designed for cameras, cars, and other consumer devices, elevating SiMa.ai's total funding to $270 million. The funding aims to accelerate the release of SiMa.ai's second-generation Machine Learning System-on-Chip (MLSoC) to the first quarter of 2025, meeting the growing customer demand for edge AI/ML technologies. This development is part of a broader trend in the technology sector, where companies like Nvidia and Alphabet Inc have also seen substantial growth in market capitalization, driven by the burgeoning interest in artificial intelligence. Additionally, the technology industry has witnessed over $200 million raised by 12 AI startups in a single day, highlighting the increasing investment and innovation in the AI hardware space.