China-based artificial intelligence (AI) chip developer Enflame closed a RMB300m ($43.4m) funding round yesterday that featured internet group Tencent.
Venture capital firm Redpoint China Ventures led the round, investing alongside Oceanpine Capital, Yunhe Capital, Riverhead Capital and ChinaEquity Group.
Founded in March 2018, Enflame specialises in cloud-based deep learning chips for use in artificial intelligence training platforms, mainly in cloud data centres. It has research and development centres in Beijing and Shanghai, and focuses on machine learning frameworks.
In addition to building new AI products and customised chips, the company will use the proceeds from the round to finance market expansion and mass production of its technology.
Tencent led a $49.7m pre-series A round for Enflame in August 2018, investing alongside ZhenFund, Delta Capital, Yunhe Partners and Summitview Capital, according to China Money Network.
Enflane had received an undisclosed amount of seed funding from Shanghai Science and Technology two months earlier, after Summitview Capital had supplied an undisclosed sum in March 2018. Yunhe Partners was also identified as a seed investor by Enflame this week.