Olix, Created by 25-Year-old James Dacombe Two Years Ago, Has Tripled in Value Since February As It Competes With Nvidia

A London-based AI chip firm founded by a college dropout has hit a $3.3bn valuation after a fundraising round. Olix, created by 25-year-old James Dacombe two years ago, has tripled in value since February as it competes with Nvidia. Dacombe, from Harrogate, previously founded CoMind at 17 with help from the Thiel Fellowship, a grant that awards $250,000 to young entrepreneurs.

He also owns Bletchley Industries, a holding company formed last year. Olix raised $312m in its latest round, with investors including Arm and Netflix co-founder Reed Hastings. The company, which employs over 140 people across London, Bristol, and the US, was valued at $1bn earlier this year.

Dacombe told the Financial Times that custom silicon for specific purposes gives Olix an edge over Nvidia's off-the-shelf chips. He plans to deliver the first manufactured chips to customers next year. The UK government's Sovereign AI fund has also invested, with AI minister Kanishka Narayan praising Olix as "exactly the kind of ambitious company we want to back. London's deputy mayor Howard Dawber called it "one of our London Unicorns.