China-based artificial intelligence (AI) chipmaker Westwell Lab has raised more than RMB100m ($14.2m) from investors including smart battery manufacturer Shenzhen Center Power and cloud services provider Inspur Group, Iyiou has reported.
Inspur took part through investment vehicle Chao Capital and the funding corresponds to a series C round, according to PEdaily. It also featured Essence Securities, Dongling Yuda Capital, Empower Investment, Hygoal Capital and Shanghai Junmin Ronghe Fund.
Founded in 2015, Westwell is developing AI semiconductors for use in the healthcare, logistics, mines and port industries. It also built an unmanned container truck dubbed Q-Truck in early 2018.
Hygoal Capital and Great Abundance Year Asset Management supplied an undisclosed amount for the company in December 2019 after a series B round nine months earlier featuring Hygoal, Shiwei Capital, Shanghai Junmin Ronghe Fund and Junyue Gongxiang Investment, according to business data aggregator Tianyancha.
Conglomerate Fosun’s InnoStar vehicle led a series A round of undisclosed size for Westwell in June 2017 that came after a $1.5m pre-series A round featuring Empower Investment, Shenzhen Yuanzheng Investment Development and PreAngel seven months before, Tianyancha stated.
Westwell reportedly secured a seven-digit renminbi (RMB1m = 160,000) amount in a seed round that included PreAngel in June 2015, which was followed by a seven-figure Shiwei Capital and Oh Win Capital-backed round in December the same year.
