China-based artificial intelligence (AI) chipmaker Horizon Robotics raised $350m yesterday in a series C3 round that included a range of corporate investors, DealStreetAsia reported.
Optical technology producer Sunny Optical was joined by carmakers BYD Auto, Great Wall Motors, Changjiang Automobile Electronic, Changzhou Xingyu Car Light and Dongfeng Motor, which invested through subsidiary Dongfeng Asset.
The round also featured CMC-SDIC Capital, a sub-fund managed by CICC Capital, Shougang Fund and Shanghai AI Industry Fund. The company has now raised a total of $900m in series C funding altogether, exceeding its initial target of $700m.
Horizon provides AI computer chips designed for use in autonomous vehicles, surveillance cameras and smart devices. It will use the series C3 funding to further develop its technology platform for autonomous vehicles.
Private investor Yuri Milner provided an undisclosed amount of funding for the company in 2016. Intel Capital, a subsidiary of semiconductor technology producer Intel, led its $100m series A-plus round, which included 5Y Capital, Hillhouse Capital, Harvest Investments, Wu Capital and Linear Ventures, in 2017.
Conglomerate SK Group’s SK China and SK Hynix subsidiaries took part in a $600m series B round for the company in February 2019 that included Hillhouse, 5Y Capital, China Oceanwide Holdings, investment bank Citic’s CSobor Fund and undisclosed car manufacturers.
Horizon then raised $150m in a December 2020 series C round co-led by 5Y Capital, Hillhouse Capital’s GL Ventures fund and Capital Today, with participation from Guotai Junan International and KTB Investment.
Battery producer Contemporary Amperex Technology co-led Horizon’s $400m series C2 round last month with investment manager Baillie Gifford, private equity firm YF Capital and Citic Private Equity Funds Management.
Financial services provider Orix, CloudAlpha Tech Fund, Neumann Advisors, Aspex Management, Hermitage Capital, China Securities, Yuantai Changqing Fund and state-backed Shandong Hi-Speed Group’s SDHS Capital also backed the series C2 round.
The company’s existing investors include Innovation Works, ZhenFund, Sequoia Capital, GSR Ventures, Tsing Capital, Vertex Ventures, DST Global and Sinovation Ventures.