Of their rush to supply alternate options to superior western chipsets, Chinese language semiconductor firms are racking up giant fundings from buyers. Horizon Robotics, a five-year-old unicorn specializing in AI chips for robots and autonomous automobiles, announced Tuesday that it has secured $150 million in funding.
The proceeds are the primary shut of an over $700 million Collection C spherical that Horizon is in search of to boost. The partial funding is collectively led by distinguished buyers 5Y Capital (previously Morningside Enterprise Capital), Hillhouse Capital, and Capital Right this moment. Chinese brokerage Guotai Junan’s international arm and KTB.
The spherical arrived lower than two years after Horizon completed its $600 million Series B round, which valued the agency at $3 billion post-money and noticed the participation of distinguished Korean financiers together with SK China, the China subsidiary of conglomerate SK Group, and SK Hynix, SK’s semiconductor unit.
The startup, based by a Baidu veteran, raised its Collection A spherical of over $100 million led by Intel Capital in late 2017.
With the contemporary capital, Horizon plans to hasten the event and commercialization of its automotive chips and autonomous driving options. It additionally goals to construct an “open ecosystem” for business companions.
For the previous couple of years, China has been striving to wean dependence on western chip giants in sectors starting from smartphones to automobiles. Native startups like Horizon Robotics and Black Sesame Applied sciences, in addition to telecoms titan Huawei, are pouring assets into autonomous driving processors, hoping to match or overtake the applied sciences from Nvidia and Intel’s Mobileye.
75% of China’s ADAS (superior driver-assistance system)-equipped automobiles and Degree 3 (autonomous driving below sure circumstances) automobiles will likely be supported by Chinese language suppliers by 2030, up from 20% in 2019, funding financial institution CITIC Securities projects.