A fund backed by telecommunications firm China Mobile has led a series A-plus round in the eight-digit dollar range for China-based artificial intelligence (AI) accelerator startup Beijing VirtAI Technology, DealStreetAsia reported yesterday.
The telecoms fund, formed by China Mobile and financial services firm China Merchants Bank CMB International subsidiary, was joined by GL Ventures, the venture capital subsidiary of hedge fund manager Hillhouse Capital, according to a WeChat post.
VirtAI is developing software-defined AI accelerator technology, helping customers to pool resources in data centres. The capital will support technology development and the growth of its business.
The round was VirtAI’s fourth, according to the announcement, and it follows an undisclosed amount of series A funding from GL Ventures, Shunwei Capital, Vision Knight Capital and Yonghua Capital in November 2020.
The company had received $10m in a June 2020 pre-series A round featuring GL Ventures and Yonghua Capital. Its existing backers also include a corporate venturing subsidiary of AI technology producer iFlytek as well as Gobi Partners China.
Photo courtesy of Beijing VirtAI Technology.
