China-based artificial intelligence (AI) chip developer Qingwei Intelligent Technology has received RMB 100m ($14.7m) in a funding round featuring several corporates, according to China Money Network, which cited a report by 36kr.
The round included Baidu Ventures, a corporate venturing subsidiary of internet group Baidu, as well as outdoor advertising operator Focus Media Information Technology, industrial machinery manufacturer Xizi United Holding, trading firm XY Capital and investment firm Guolong Capital.
Founded in 2018, Qingwei Intelligent Technology is developing chips that can be attached to home appliances, wearable devices, internet-of-things systems, security cameras and other consumer electronic products to add AI features.
The round closed in September 2018 but was only formally disclosed this week. In addition to the funding, the company has hired Wei Shaojun, a director at Institute of Microelectronics of Tsinghua University, and Yin Shouyi, the deputy director of the institute, as chief scientists.
Baidu Ventures had previously led a $10m seed round for Lightelligence, a US-based photonic circuit chipmaker spun out from Massachusetts Institute of Technology (MIT), in February 2018.