By Rita Liao
In their rush to offer alternatives to advanced western chipsets, Chinese semiconductor companies are racking up large fundings from investors. Horizon Robotics, a five-year-old unicorn specializing in AI chips for robots and autonomous vehicles, announced Tuesday that it has secured $150 million in funding.
The proceeds are the first close of an over $700 million Series C round that Horizon is seeking to raise. The partial funding is jointly led by prominent investors 5Y Capital (formerly Morningside Venture Capital), Hillhouse Capital, and Capital Today. Chinese brokerage Guotai Junan’s international arm and KTB Network, an investment entity under the Korean conglomerate KTB.
The round arrived less than two years after Horizon completed its $600 million Series B round, which valued the firm at $3 billion post-money and also saw the participation of prominent Korean financiers including SK China, the China subsidiary of conglomerate SK Group, and SK Hynix, SK’s semiconductor unit.
The startup, founded by a Baidu veteran, raised its Series A round of over $100 million led by Intel Capital in late 2017.
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Source: Tech Crunch