The Research and Innovation Foundation (RIF) has signed a Memorandum of Understanding (MoU) with Tenstorrent, a global leader in AI hardware and open computing solutions based on RISC-V architecture.
As it said in a press release, the MoU will significantly strengthen Cyprus' position in the fields of AI, high-performance computing, and digital sovereignty.
The signing ceremony took place at the Presidential Palace on Friday, 17 October, in the presence of Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, and Deputy Minister to the President, Irene Piki. The signing ceremony followed a high-profile meeting between President Nikos Christodoulides and Jim Keller, CEO of Tenstorrent.
The MoU was signed by Demetris Skourides, Chief Scientist of the Republic of Cyprus and Chairman of the Board of Directors of the Research and Innovation Foundation, and Jim Keller, Chief Executive Officer of Tenstorrent.
The MoU is significant because it establishes a strategic partnership between Cyprus and Tenstorrent that will strengthen the nation’s capacity in four key areas:
· Advancing AI and semiconductor design capabilities, enabling Cyprus to participate in Europe’s growing open hardware and RISC-V ecosystem.
· Building sovereign compute infrastructure that supports digital independence and compliance with the EU AI Act.
· Promoting academic collaboration and workforce development to nurture new talent in AI, microelectronics, and high-performance computing.
· Expanding public–private cooperation to accelerate innovation and commercialisation across sectors such as energy, health, maritime, and defence.
Tenstorrent is an AI chip and systems innovator delivering open-source, cost-effective alternatives to major GPU providers, and is the first AI chip company with world class capabilities that will be opening an office in Cyprus in 2026. This collaboration reinforces Cyprus’ strategic goal to become a regional leader in AI innovation, digital sovereignty, and sustainable technology development, while aligning with European initiatives such as the EuroHPC and Chips Joint Undertakings.
What the officials had to say
Damianou stated: “When we met at the Tenstorrent HQ in Santa Clara during the visit of President Christodoulides to the US last April, we spoke about two things: ambition and opportunity. The ambition of Tenstorrent to build the next generation of open-source, highly efficient semiconductors to power our AI future; our ambition to build the “next generation” of a technology and innovation hub, not only regionally but globally, building on our country’s many advantages and strengths. And the opportunity to develop sovereign AI capabilities in Cyprus through collaboration and a joined co-innovation platform. The Memorandum of Understanding being signed today stands as testament to our commitment to that very opportunity. I thank Tenstorrent for its trust and decision to invest with us in this shared vision.”
The Chief Scientist noted: “This collaboration with Tenstorrent represents a defining step in Cyprus’ technological journey and is a result of tech innovation diplomacy. It reflects our shared commitment to openness, excellence, and innovation that serves society. Tenstorrent’s arrival sends a message that Cyprus’ growing AI innovation ecosystem is now composed of a cutting-edge AI chiplet company with world class capabilities, and with AI, researchers, and more than 100 AI startups, technology companies and customers adopting AI as a strategic advantage”.
He added, “Although this is the beginning of the journey, together, we are strengthening our national capacity in AI and semiconductor design, developing our ability to design and develop sovereign AI solutions – transforming Cyprus into a trusted node in Europe’s technology landscape. Tenstorrent’s arrival completes a major part of the capabilities required to create a competitive AI innovation ecosystem, enabling stakeholders to design and develop everything AI including sovereign AI platforms and autonomous solutions. This development is a game-changer that creates synergies with the world’s most advanced organisation that is entrusting Cyprus’ talent and R&D capabilities.”
Keller went on to say, “We are excited to collaborate with Cyprus, a country that shares our belief in open computing, innovation, and technological independence. This partnership opens the door to new opportunities for research, education, and the co-development of advanced AI and compute technologies that will benefit not just Cyprus, but the broader region and Europe”.
Evgenios Evgeniou, Chairman of Invest Cyprus, who was also present, commented: “Tenstorrent is the first AI chip company establishing a presence in Cyprus since President Nikos Christodoulides’ visit in Silicon Valley last April, and the third company from the United States that is entrusting Cyprus as a base for AI in Europe. Having an AI hardware player in Cyprus strengthens Cyprus’ role as a tech hub and acts as talent attraction creating a brain gain effect.”
A culmination of extensive engagements between Cyprus and Tenstorrent
The signing ceremony is the culmination of an extensive series of high-level engagements between Cyprus and Tenstorrent – a collaboration that originated from President Christodoulides’ official visit to the United States, where he met the Tenstorrent CEO in California. Following that meeting, Tenstorrent’s leadership team undertook a series of visits to Cyprus throughout 2024 and 2025, led and coordinated by Skourides, and supported by the Deputy Ministry of Digital Policy, Research and Innovation, as well as Invest Cyprus’ CEO Marios Tannousis.
Meetings were held with Deputy Minister to the President, Deputy Minister of Research, Innovation and Digital Policy, and the Research and Innovation Foundation, as well as Invest Cyprus, the Cyprus Chamber of Commerce and Industry (CCCI), leading universities, and Centres of Excellence such as the KIOS Research and Innovation Center, CYENS, and the Cyprus Marine and Maritime Institute (CMMI).
The signing ceremony was also attended by officials, ambassadors, distinguished guests, rectors and academics from Cyprus’ leading universities, and representatives from the country’s research excellence centres. Their presence underscored the national importance of this strategic partnership and its potential to strengthen Cyprus’ position in the global AI and semiconductor ecosystem.
Tenstorrent stands apart through its open-source hardware design based on RISC-V architecture, positioning it among the world’s most innovative AI and semiconductor companies. Its technology enables democratised access to high-performance computing, making it a natural partner in Cyprus’s vision for AI sovereignty, digital independence, and sustainable technological growth. Jim Keller is a world-renowned microprocessor engineer and technology leader, known for his pivotal role in designing the chips that power the iPhone and iPad at Apple, the groundbreaking processors at AMD, and the advanced hardware platforms at Tesla.
The strategic MoU supports and enhances the implementation of the President's 'Vision 2035' for the Republic of Cyprus, the National AI Strategy, and the Minds in Cyprus initiative, which together aim to transform national research excellence into innovation-driven growth and global impact.
