Beijing time on November 27 morning news, China's leading artificial intelligence chip designer Horizon robots will receive up to $1 billion in valuations of $3 billion to $4 billion B Round financing.
This three-year-old company has received support from Intel. It is also one of the many Chinese companies that focus on developing artificial intelligence chips for driverless cars, surveillance cameras and other connected smart devices.
The Horizon Robot was founded by Yu Kai, who was responsible for the driverless car project at Baidu and is currently working with Audi to develop a driverless car in Wuxi. The company's other chip can run a facial recognition algorithm that allows the camera to identify up to 50,000 faces stored in the device.
This financing is one of the biggest financings for China's emerging artificial intelligence chip companies, and this is also at a time when China is actively developing the semiconductor industry.
China's dependence on semiconductor imports has even surpassed that of oil, so it is investing heavily in the development of the local chip industry.
But because SMIC's chips are still behind generations of TSMC and Intel, these emerging chip companies are mainly engaged in the design of artificial intelligence chips.
"With regard to how many driverless cars there will be, you can have your own point of view," said Mark Li, an analyst at investment bank Bernstein Research. "But in my opinion, this requires a paragraph." Time, but we will add more and more driverless functions to the car in the process - in addition, some chips can be used in other areas, such as face recognition monitoring."
Horizon Robot Senior Business Development Manager Stone Li said investors involved in the company's Series B financing include an international chip company.
While investor enthusiasm for Chinese artificial intelligence has cooled, the size of the US dollar fund is still expanding, and some startups can still get billions of dollars in financing. Private equity firms are still preparing to build US dollar funds. The most recent one is Hong Kong's PAG funded $6 billion fund. Gaochun Capital and KKR have also raised more than $9 billion to invest in China.
Swiss banks estimate that the transfer of artificial intelligence from the cloud to the device will reach $15 billion by 2021. Chinese companies such as Horizon Robot and Eye Engine are still small relative to international leaders, but they have access to ample venture capital and strong government support, which is expected to boost their future growth.
Horizon Robot's existing investors include Gaochun Capital, Sequoia Capital, Yuri Milner and Innovation Workshop.
Mark Natkin, managing director of Marbridge Consulting, said: "They are making progress and have gained some heavyweight partners in the automotive industry to work with Audi to develop driverless technology." (Book)