Horizon Robotics, a Chinese company which specializes in edge AI computing has raised a whopping $600M in the Series B funding. Now the company’s valuation has toppled up to $3B.
The investors which led the series B were SK Hynix, SK China including few other automotive groups. Oceanpine Capital, Hong Kong’s CMBC Capital, CLSA’s CSOBOR Fund were the other investors and strategic partners.
Apart from the above-citied investors, Horizon’s existing shareholder Hillhouse Capital and Morningside Venture Capital also pumped in money into the deal.
The funds will be used for the development of products and technology.
Since the company’s new valuation of $3B is big, it has enormous revenue and profits shoes to fill. Therefore, the company has a great opportunity to meet those expectations with the new capital.
Moving forward, the company will continue to focus onthe computing platform and edge AI processors. It will help them to future for AIoT devices, smart cities and robotics, and autonomous vehicles.
The AI firm is dedicated to deliveringa power efficient and budget-friendly pen embedded and integrated AI solutions. Horizon Robotics has many visions like equipping Autonomous vehicles with brains- making them intelligent that can understand perception and take real-time decisions for safety, convenience and fun.
“The company is focused on “edge” AI processors and computing tools aimed at enabling autonomous driving, smart cities,and smart robotics,” said Yu Kai, CEO,and founder of Horizon Robotics.