Olix startup hits $3.3 bn valuation after $312 m Series B

A 25-year-old entrepreneur who dropped out of school at 17 has become Britain's newest tech billionaire after his artificial intelligence chip startup secured a multibillion-dollar valuation. London-based Olix was valued at $3.3 billion following a $312 million Series B funding round announced on August 4, 2026, tripling its worth from just six months earlier. Founder James Dacombe, who owns more than a third of the company, is estimated to hold a stake worth over $1 billion.

The funding round attracted major investors including semiconductor firm Arm, trading company Hudson River Trading, and Netflix co-founder Reed Hastings. The British government's Sovereign AI Fund also participated, backing the startup as part of its mandate to support domestic AI firms. AI Minister Kanishka Narayan stated that Olix represents the "exactly the kind of ambitious company" the fund aims to support, adding that countries that build chips will build leverage in the future of AI.

Founded by Dacombe in 2024, Olix designs specialized semiconductors and optical networking systems tailored for running advanced AI software, known as inference chips. The company aims to offer a faster, cheaper, and...