Brit, 25, on verge of becoming UK's newest billionaire after dropping out of school
The founder of an AI-chip company hoping to rival giants Nvidia is on the verge of becoming a billionaire at the age of 25, following a recent round of fundraising.
When James Dacombe was 17 years old, he dropped out of sixth form after just two days, deciding that his talents lay in the world of business.
Now 25, the Yorkshire lad has a company estimated to be worth £2.5 billion ($3.3 billion), following a round of investment which saw the UK government among the investors coughing up £232 million ($312 million).
Dacombe is understood to own 38.6 percent of the company, which is named Olix, giving him an estimated £946 million ($1.27 billion) share.
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Which is certainly a lot more cash than most of us had to our names at the age of 25.
"An alchemy of your vision and drive," wrote Dacombe's mother Jane, an analyst for the Environment Agency, under a social media post confirming the investment news. "So very proud of you."
What is Olix – the company set to make James Dacombe a billionaire?
Founded by Dacombe in 2024, Olix is an artificial intelligence company which is hoping to make 'inference chips', a piece of tech which is custom-designed to run AI models.
The company is hoping to rival Nvidia when it comes to the creation of semiconductors, which are crucial for computer chips which power artificial intelligence.
Nvidia is currently viewed as holding a monopoly on the AI hardware market, estimated to control around 80 percent of the global market when it comes to creating GPUs.
Olix believes its strategy will 'make existing frontier AI more affordable and abundant' as well as 'unlock the deployment of far more powerful models in the future', according to a recent press release from the company.
Dacombe's ambition with Olix has also won him praise from leading industry figures, with Joséphine Kant, head of ventures at Sovereign AI, telling The Times she believes Dacombe will be 'one of the most important founders of his generation'.
"The company [Olix] is two years old and already one of the most ambitious hardware businesses in Britain," she said.
"James not only wants to win globally, but he’s also proud of where he’s from. You can see both in the name he chose for his holding company: Bletchley Industries."
Olix isn't Dacombe's first stab in the world of business either, with the budding entrepreneur previously founding CoMind - which is controlled through his holding firm Bletchley Industries - at the age of 18.
Inspired by family members affected by strokes and dementia, CoMind develops non-invasive brain-monitoring tools. Following clinical trials in the UK and US, the company is eyeing a commercial rollout of its software next year.
Dacombe was able to launch the company after becoming the recipient of Peter Thiel’s fellowship, which provides a grant of $250,000 (£186,000) to allow people to build a business without being in work or higher education.
Previous recipients of the Thiel Fellowship include Ethereum creator Vitalik Buterin, Scale AI co-founder Lucy Guo and Chris Olah, co-founder of Claude producer Anthropic.
Topics: Money, UK News, Technology, Artificial Intelligence
Brenna Cooper