Las Vegas-based AI cloud infrastructure company reaches $1.55 billion valuation as Battle Born Growth highlights Nevada’s expanding access to startup capital
CARSON CITY, Nev. (July 1, 2026) — The Nevada Governor’s Office of Economic Development is congratulating TensorWave on the successful closing of a $350 million Series B funding round, a major milestone that brings the Las Vegas-based AI cloud infrastructure company to a $1.55 billion post-money valuation.
The funding round represents a significant win for Nevada’s growing startup and technology ecosystem and further underscores the state’s efforts to expand access to capital for high-growth companies. TensorWave, an all-AMD AI cloud infrastructure company headquartered in Las Vegas, has become one of the most notable success stories within Battle Born Growth’s investment portfolio.
Battle Born Growth is Nevada’s federal State Small Business Credit Initiative program, overseen by GOED. Through the program, Nevada supports startups, small businesses and high-growth firms by helping connect them with capital and broader investment networks.
“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.”
TensorWave’s latest funding round marks a major achievement not only for the company, but also for Nevada’s broader innovation-based economic development strategy. By supporting companies with strong growth potential, GOED and Battle Born Growth are working to position Nevada as a competitive market for entrepreneurs, technology firms and venture capital investment.
Recent research from the State Science & Technology Institute, a national nonprofit organization focused on economic prosperity through science, technology, innovation and entrepreneurship, points to significant structural changes in the venture capital market. Longer timelines to exit and an increasing number of funding rounds per investment have created added challenges for government and nonprofit investment organizations such as 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 seen strong momentum in investment deal flow, co-investing alongside local seed funds such as StartUpNV and Desert Forge Ventures, as well as larger venture capital firms with a national presence. These partnerships help connect Nevada startups with wider capital networks while increasing awareness of the state as a destination for venture investment.
“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 Nevada continues working to diversify its economy, TensorWave’s growth demonstrates the importance of supporting entrepreneurs with risk capital. State officials said success stories like TensorWave can help inspire founders to start, scale and build companies in Nevada while attracting additional investment interest to the state.
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; stimulate business expansion and retention; encourage entrepreneurial enterprise; attract new businesses; and facilitate community development.
About the State Small Business Credit Initiative
The State Small Business Credit Initiative is a nearly $10 billion program designed to support small businesses and entrepreneurship in communities across the United States. The program provides capital and technical assistance to promote small business stability, growth and success. SSBCI is expected to catalyze up to $10 of private investment for every $1 of SSBCI Capital Program funding, expanding access to capital for 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.
About Nevada Battle Born Growth Escalator, Inc.
Nevada Battle Born Growth Escalator, Inc. is a Nevada-based 501(c)(3) nonprofit corporation created in 2016 by the Nevada Governor’s Office of Economic Development to promote, aid and encourage economic development across the state. NBBGEI operates Nevada’s federal and State Small Business Credit Initiative program under contract from GOED to support high-growth startups, small and medium-sized businesses and underserved entrepreneurs.
