Element Labs was founded last year by Israeli billionaire tech entrepreneur Avigdor Willenz. It is developing chips that could help tech giants reduce their dependency on firms such as Nvidia.

The company’s fundraising earlier this year reportedly valued the start-up at between $300m and $400m. The company has also established offices in Poland, the US, India and Taiwan.

Mr Willenz has a track record of selling successful chip companies.

In 2019, his Habena Labs was bought by Intel for $2bn. It develops programmable deep-learning accelerators for data centres. It had been established just three years earlier and had raised $120m in funding, including $75m from Intel Capital.

The other founders of Habena Labs were David Dahan, who was CEO, and Ran Halutz. Mr Dahan is a director of the E

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