China-based artificial intelligence (AI) semiconductor producer ThinkForce has raised RMB450m ($68m) in a series A round that included machine vision technology developer Yitu Technology, China Money Network reported today.
The round also featured venture capital firm Sequoia Capital China, hedge fund manager Hillhouse Capital and private equity firm Yunfeng Capital.
ThinkForce is working on semiconductors that integrate AI algorithms and an AI hardware platform. The company claims its technology will accelerate neural network models and will boast a fivefold power and cost saving over rival products, though it is yet to launch its chip.
The company is also developing chip virtualisation technology that will enable a central processing unit to run calculations as if it was a network of several computers.
Jiao Huiru, director of strategic development at Yitu, said: “Yitu started the AI discussion with ThinkForce a long time ago. We think in the era of AI, China and the US will be the globe’s dual engines.
“Chip technology and talents are China’s strategic priority and we want to have a world-class chip team. We believe there is industry asymmetry in cross-disciplinary developments, posing great barrier for the multidisciplinary developments in AI.”
Yitu had previously took part in a $15m series A round earlier this month for Accutar Biotech, a US-based biotech company that uses AI to power drug discovery, investing alongside IDG Capital.