According to Techcrunch, Axelera, an AI chip company incubated by Bitfury, an encryption mining company, announced the completion of a US$27 million Series A financing. This round of financing was led by Innovation Industries, and Imec.xpand, Belgian Federal Holdings and Investment Corporation participated in the investment. In addition, Enterprise Netherlands awarded Axelera a $6.7 million loan commissioned by the Ministry of Economic Affairs and Climate Policy. Axelera was incubated by Bitfury Group in 2019 and previously operated as Bitfury AI. It will start operating independently in 2021, mainly developing chips based on memory computing, which can reduce the latency generated by storage devices by performing calculations in RAM.