China-based graphic processing unit (GPU) manufacturer Moore Threads closed a multibillion-yuan (RMB1bn = $155m) pre-series A round featuring multiple corporate investors yesterday.
The company emerged from stealth on Wednesday when it secured an undisclosed amount of funding from digital media company ByteDance, according to 36Kr, which cited financial data aggregator Tianyancha.
The round included smart home system provider H&T (HeT) Intelligent Control and self-driving technology developer Pony.ai and was co-led by venture capital firms Shenzhen Capital Group, GGV Capital and Sequoia Capital China.
ByteDance was represented by Beijing Quantum Jump Technology in the round, according to Tianyancha, and it was filled out by 5Y Capital, China Merchants Venture, First Capital Securities, Riverhead Capital Investment Management, Minghao Investment, Oceanpine Capital and Wenming Investment.
Founded in 2020, Moore Threads is working on innovative computing platforms powered by artificial intelligence and visual computing-equipped GPUs that cater to both general-purpose and high-performance computing systems.
The company reached unicorn status – meaning it is valued at more than $1bn – in the round, according to local media outlet ABI, though the report did not reveal the exact valuation of the company.
Moore Threads’ founders and core team members include alumni of semiconductor technology producers Arm, Advanced Micro Devices, Intel, Nvidia and Microsoft.
The cash will be leveraged to ramp up the company’s research and development efforts, expand its business and work on product innovation.
