China-based semiconductor technology producer Canaan has secured RMB300m ($43m) in a series A round that included hotel operator Jin Jiang International, according to China Money Network.
The round also included investments firms Baopu Asset Management and Tunlan Investment, and reportedly valued Canaan at $480m post-money.
Founded in 2013, Canaan is developing application-specific integrated circuit chips, such as a processor aimed specifically at mining the cryptocurrency Bitcoin.
Canaan’s technology is also targeted at the artificial intelligence market, where it has applications in products such as smart home appliances, image recognition and self-driving cars.
The company operates in a highly-contested market that also includes telecommunications firm Huawei Technologies, smartphone maker Xiaomi and Tsinghua Unigroup, a semiconductor manufacturer established by Tsinghua University-owned entity Tsinghua Holdings.
Canaan did not reveal how it plans on using the capital. Details about previous funding rounds could not be ascertained.