AI Era, 8/18/17
Beijing-based AI chipset developer Zhongke Hanwuji Technology (Cambricon) has announced the completion of USD 100 mln in Series A funding led by Guotou Venture Capital Investment Management. Participating investors include e-commerce conglomerate Alibaba Group (NYSE: BABA), consumer electronics manufacturer Lenovo (0992.HK), the Chinese Academy of Sciences, and data analysis firm Zhongke Tuling Technology, in addition to angel round investors Yuandian Startup Investment Fund and Yonghua Capital.
The company said that the funding round now classifies the company as a "unicorn," a term referring to startup companies valued at over USD 1 bln.
Cambricon is an AI chipset maker that focuses on two primary business lines: intellectual property for AI processors and high-performance cloud computing AI chips. The Cambricon-1A processor, released in 2016, is a processor specialized for commercial-use deep learning with applications in smartphones, security monitoring, unmanned aerial vehicles (UAV), wearable equipment, and smart driving. When running mainstream algorithms, the processor performs at a higher efficiency when compared to traditional processors.
Editor's Note: For more information on this topic, please see "Chinese Academy of Sciences to Invest RMB 10 Mln in AI Chipset Maker Hanwuji," MD 4/06/17 issue.
Keywords: Zhongke Hanwuji Cambricon funding Series A chipmaker VC M&A Zhongke Tuling valuation artifical intelligence chipset Lenovo cloud computing 0992.HK Alibaba Group Yonghua Capital Yuandian BABA Guotou hardware