UK backs OLIX in push for homegrown AI chips

The UK Government’s Sovereign AI venture fund has backed OLIX, a London-based startup with offices in Bristol, as part of a nine-figure fundraise. OLIX is developing faster, cheaper and more energy-efficient AI chips and is described as one of the UK’s newest unicorns, valued at more than $1 billion.

The company is building a family of inference chips tailored to different parts of an AI model’s thinking process. The government says specialized chips working together could reduce costs, lower energy use and improve performance as countries compete to build AI infrastructure.

Founded in 2024 by James Dacombe, OLIX has quickly become one of Britain’s highest-profile deep-tech startups. Earlier this year, at 25, Dacombe led OLIX to secure $220 million Series A financing, one of the largest Series A rounds ever raised by a UK technology company.

OLIX is the fifth company to receive equity investment from Sovereign AI since launch, while 11 startups have received backing including support accessing compute. Officials said the programme is designed to keep promising AI companies anchored in Britain while creating well paid jobs across the country.