China-based artificial intelligence technology developer Iluvatar CoreX has raised a nine-figure renminbi (RMB100m = $14.1m) amount in a series B round featuring power equipment manufacturer Shanghai Electric, China Money Network has reported.
Private equity firm Centurium Capital and investment firm Princeville Capital co-led the round, which included Bangsheng Equity Capital Fund. The corporate invested through its Shanghai Electric Hongkong subsidiary.
Founded in 2015 and officially registered as Nanjing Iluvatar InfoTech, Iluvatar supplies enterprise computing products and data-centric AI applications based on its system-on-a-chip technology and software platform, targeting sectors such as manufacturing, rail transit and education.
Proceeds from the series B round will go toward product development and business expansion, as Iluvatar looks to commence mass production of its technologies in line with its commercialisation strategy.
The company had previously received $31.6m in funding from undisclosed investors in February 2018, according to China Money Network.