China, investment in Hangzhou Nationalchip for the artificial intelligence chip

26/02/2019

 

A good 150 million RMB has been invested, or about $ 22 million

 

New investments in new technologies in China. A fund from one of China’s largest state-owned investment companies has invested RMB 150 million (about $ 22 million) in Nationalchip, a chip maker based in the eastern Chinese city of Hangzhou.

The fund – under the State Development and Investment Corp (SDIC) of which the Ministry of Finance is one of the main stakeholders – led the B. Sinovation Ventures series, a company founded by Lee Kai-fu, former head of Google China.

 

The investment highlights the Chinese ambition to become less dependent on foreign technology

 

Nationalchip produces chips for set-top boxes and has expanded into the production of artificial intelligence chips. The company intends to use the extra money to research the algorithm and chip design, among others, and to accelerate the development of new products. The investment, therefore, highlights the Chinese ambition to become less dependent on foreign technology.

Chinese companies are showing increasing interest in the development of the artificial intelligence chip market in China. Last year, for example, Cambricon (based in Beijing) raised millions of dollars in its B-series, valuing the company at $ 2.5 billion. Other competitors interested in the sector are Horizon Robotics, Bitmain and Rokid.

 

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