Video streaming platform developer Kuaishou co-led a $50m series A round for China-based artificial intelligence chip developer Vastai Technologies today, DealStreetAsia reported, citing a company statement.
The round was co-led with venture capital firms Redpoint China Ventures and 5Y Capital and was also backed by investment firm Sirius Capital and VC funds Glory Ventures and ZhenFund.
Founded in December 2018, Vastai is developing AI and computer vision system-on-chip technology for use in products such as smart surveillance, education and urban management software platforms. It has not disclosed details of any earlier financing.
John Qian, co-founder and chief executive of Vastai, said in the statement: “The development and application of new technologies like AI, 5G, ultra-high-definition videos, livestreaming, short videos and video conferencing all require the support of strong computing power.”
The series A funding will be allocated to the commercialisation of the startup’s products in addition to supporting their large-scale production. Capital has also been earmarked for strengthening its research and development team and expanding its global client base.
