Horizon Robotics, a China-based artificial intelligence (AI) chip developer backed by semiconductor technology producer Intel, is raising hundreds of millions of dollars in fresh funding, Bloomberg reported on Sunday.
The capital will be supplied by a range of strategic investors including an as-yet undisclosed semiconductor manufacturer and several Chinese and foreign carmakers. Intel is not currently expected to provide follow-on funding.
Horizon Robotics is working on embedded AI chips that facilitate computer vision in devices such as smart cars, making it possible for vehicles to understand their environment and make decisions that ensure safety and convenience.
The company hopes to close its latest round next month. It will use the money to bolster its R&D activities, particularly through the recruitment of additional software engineers and further development of its hardware architecture design.
Horizon Robotics is targeting 30 million installations of its chips and systems in autonomous vehicles by 2025.
Intel led Horizon’s $100m series A+ round in December 2017 through its corporate venturing arm, Intel Capital, investing together with Harvest Investments, Hillhouse Capital, Wu Capital, Linear Ventures and Morningside Venture Capital.
Details about Horizon’s earlier funding have not been revealed, though it has listed Sequoia Capital, GSR Ventures, Innovation Works, ZhenFund, Tsing Capital, Vertex Ventures and entrepreneur Yuri Milner as shareholders on its website.
The prospective funding was revealed alongside news that Nio Capital, the investment firm co-founded by China-based smart electric vehicle developer Nio along with Sequoia and Hillhouse, is approaching an initial close of the $500m fund first announced in November 2017.
Nio has entered discussions with a range of so far undisclosed sovereign wealth funds, energy companies and insurance firms in Asia and Europe to become limited partners in the fund. The first close is expected to take place within one to two months.