Horizon Robotics, a China-based artificial intelligence chipmaker backed by conglomerate SK Group and semiconductor technology producer Intel, has raised $150m in series C funding, DealStreetAsia reported yesterday.
The cash forms the first tranche of a planned $700m round that was co-led by 5Y Capital, Hillhouse Capital’s GL Ventures fund and Capital Today with backing from Guotai Junan International and KTB Investment.
Founded in 2015, Horizon produces AI chips used in systems such as smart vehicles and surveillance cameras. It will channel the series C funds into research and development in addition to commercialisation activities.
The company last raised money in a $600m series B round in February 2019 featuring SK Group subsidiaries SK China and SK Hynix, Hillhouse, 5Y Capital (then Morningside Venture Capital), China Oceanwide Holdings, Citic’s CSobor Fund and investment vehicles for undisclosed carmakers.
The series B round valued Horizon at a minimum of $3bn and came in the wake of a $100m series A-plus round led by Intel subsidiary Intel Capital in 2017 that was also backed by Harvest Investments, Hillhouse Capital, Wu Capital, Linear Ventures and 5Y Capital.
Although it has not revealed details of its earlier funding, Horizon has also identified Sequoia Capital China, GSR Ventures, Innovation Works, ZhenFund, Tsing Capital, Vertex Ventures and Yuri Milner as investors.
