UK backs OLIX to build next-generation AI chips

The UK Government’s Sovereign AI venture fund has invested in OLIX, a London-based AI chip startup with offices in Bristol, as part of a nine-figure fundraise announced Thursday 30 July. OLIX is developing faster, cheaper and more energy-efficient inference chips designed for specific parts of an AI model’s processing, a modular approach intended to improve performance while lowering power use.

The backing makes OLIX the fifth company to receive equity investment from Sovereign AI, and brings total startups receiving Sovereign AI backing, including compute access, to 11. The government said the investment is meant to strengthen domestic AI capability, support high-skilled jobs and keep more economic value from AI infrastructure in Britain.

Founded in 2024 by James Dacombe, OLIX is one of the UK’s newest unicorns, valued at more than $1 billion. Earlier this year, Dacombe led OLIX as it secured $220 million Series A financing, described as one of the largest Series A rounds raised by a UK technology company.