FOR IMMEDIATE RELEASE
Contact: Evan Haddad
Public Information Officer
ehaddad@goed.nv.gov 775-684-9973
June 29, 2026
TensorWave Secures $350M in Funding, Marking Major Milestone for Nevada Innovation
Battle Born Growth’s investment in TensorWave proves vital for expanding access to capital for Nevada entrepreneurs
Carson City, Nev. –The Nevada Governor’s Office of Economic Development (GOED) is congratulating TensorWave on its successful closing of a $350 million Series B funding round and reaching a $1.55 billion post-money valuation. This is giving Nevada’s innovation economy a further boost and exhibits continued momentum for the Nevada startup and technology ecosystem.
TensorWave, a Las Vegas-based all-AMD AI cloud infrastructure company, has emerged as one of the most notable success stories within Battle Born Growth’s portfolio. Battle Born Growth is Nevada’s federal State Small Business Credit Initiative (SSBCI), which is overseen by GOED.
TensorWave’s latest funding round marks a significant achievement not only for the company, but also for Nevada’s efforts to expand access to capital for high-growth and technology-based businesses through the SSBCI program.
“Battle Born Growth has been an early investor in TensorWave,” said Karsten Heise, senior director of strategic programs and innovation at GOED. “The company reaching Unicorn valuation levels further puts Nevada on the map and signals that our state is a destination for highly scalable investment opportunities. This will help our venture program, which is the largest in the state, to further expand and attract co-investment partners such as nationally operating venture capital firms and seed funds in order to continuously provide capital for our home-grown startups.”
The State Science & Technology Institute, a national non-profit organization dedicated to supporting economic prosperity through science, technology, innovation, and entrepreneurship, recently released research findings showing that the venture capital market is undergoing significant structural changes. Extended time to exit and increasing number of funding rounds per investment are particularly impinging upon government and non-profit investment organizations like Battle Born Growth.
“Venture capital investment returns follow a so-called power law distribution, with about 5% of investments representing outlier positive returns,” said Heise. “Write-offs are often around 60%, and successes like TensorWave are vital for innovation-based economic development investment vehicles such as our venture capital program.”
Battle Born Growth has experienced strong momentum in investment deal flow. The program has coinvested alongside local seed funds, including StartUpNV and Desert Forge Ventures, as well as larger venture capital firms with a national presence. By participating in investments with these firms, Battle Born Growth helps connect Nevada startups with broader capital networks and increase awareness of Nevada as a destination market for venture investment. This is putting the state on the map for increasing venture activity.
“Venture Capital has always been driven by outlier successes, and we at Battle Born Growth aim to identify those high return opportunities for the benefit of not only returning additional investable capital but also furthering the diversification of Nevada’s economy,” said Kyle Ferguson, chief venture capital program officer at Battle Born Growth. “Our state venture program under Battle Born Growth identifies those home-grown startups and high-growth firms that exemplify economic diversification from the ground up.”
As GOED continues to diversify Nevada’s economy, success stories like TensorWave highlight the importance of supporting our entrepreneurs with risk capital and inspire founders to start and build their companies in our state.
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About the Governor’s Office of Economic Development
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development is the result of a collaborative effort between the Nevada Legislature and the Governor’s Office to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.
About the State Small Business Credit Initiative (SSBCI)
The State Small Business Credit Initiative (SSBCI) is a nearly $10 billion program to support small businesses and entrepreneurship in communities across the United States by providing capital and technical assistance to promote small business stability, growth, and success. SSBCI represents a transformational investment in American small businesses and is expected to catalyze up to $10 of private investment for every $1 of SSBCI Capital Program funding to increase access to capital to small businesses and entrepreneurs, including those in underserved communities. Nevada’s SSBCI Program, “Battle Born Growth,” is overseen by the Governor’s Office of Economic Development (GOED).
Nevada Battle Born Growth Escalator, Inc. (NBBGEI)
A Nevada-based 501 (c)(3) nonprofit corporation created in 2016 by the Nevada Governor’s Office of Economic Development (GOED) to promote, aid and encourage economic development across the state. NBBGEI operates Nevada’s federal and State Small Business Credit Initiative (SSBCI) program, under contract from GOED, to support high growth startups, small and medium-sized businesses, and underserved entrepreneurs.