Two leading global technology firms, Tenstorrent and Plug and Play, have expressed interest in establishing operations in Cyprus. The announcements followed high-level meetings with the President of the Republic, Nikos Christodoulides, during his recent visit to the United States. Both companies emphasized their intention to explore strategic collaborations with Cyprus in areas such as artificial intelligence, innovation ecosystems, and startup development.

Tenstorrent CEO Jim Keller has announced the company’s intention to open an office and begin operations in Cyprus. The announcement came during a meeting with the President of the Republic of Cyprus, Nikos Christodoulides, in the United States.

Founded in 2016 by Ljubisa Bajic, Milos Trajkovic, and Ivan Hamer, Tenstorrent is a next-generation computing company specializing in the development of advanced processors tailored for AI workloads. Headquartered in Toronto, Canada, the company maintains additional offices in Austin, Texas; Santa Clara, California; Belgrade, Serbia; and Bangalore, India. 

Tenstorrent's flagship product, the Blackhole™ chip, is designed to efficiently handle massive AI workloads. The company emphasizes an open-source approach, providing developers with accessible tools and resources to foster innovation in AI computing.

According to a post by Government Spokesperson Konstantinos Letymbiotis on the platform “X,” this development is linked to the creation of new quality jobs and the advancement of a strategic collaboration with Cyprus in the field of artificial intelligence (AI), both at the governmental and private levels.

“Within this context, there was an exchange of views focused on promoting a strategic partnership with Cyprus and positioning it as a technological hub in the wider Eastern Mediterranean region, with the aim of researching, developing, and applying innovative AI solutions across both public and private sectors,” Letymbiotis stated.

President Christodoulides also posted on “X” that he held a series of meetings with leading representatives from major global technology and investment firms, including OpenAI, Amazon, Google, Nvidia, Oracle, Plug & Play, Andreessen Horowitz, and Fortress Investment Group.

As part of these engagements in the United States, the President met with Saeed Amidi, Founder and CEO of Plug and Play—one of the world’s largest innovation platforms and startup accelerators.

In a related post, the President noted that during the meeting, Amidi announced the company’s intention to visit Cyprus to explore the potential of opening a local office and investing in the country.

Established in 2006 by Saeed Amidi, Plug and Play Tech Center is a renowned innovation platform and early-stage venture capital firm based in Sunnyvale, California. The organization focuses on connecting startups, corporations, investors, and government agencies to drive technological advancement across various industries. ​

Plug and Play has expanded its reach globally, operating in over 50 locations and collaborating with more than 500 world-leading corporations. The platform has facilitated the growth of over 35,000 startups, offering accelerator programs, corporate innovation services, and investment opportunities.

Notable investments by Plug and Play include early backing of companies such as PayPal, LendingClub, and Dropbox, underscoring its influence in the tech startup ecosystem.

Government Spokesperson Letymbiotis further commented via “X” that in the near future, a team from Plug and Play will visit Cyprus to assess the prospects for implementing this investment initiative.

During the meeting, according to the same post, discussions also focused on ways to cooperate under the Government’s strategy to support startup entrepreneurship, attract investment in Cypriot startups, and explore opportunities to integrate them into international innovation networks and ecosystems.