BEIJING -- Nanjing-based artificial intelligence chipmaker Iluvatar CoreX said Thursday that it has closed its Series B funding, having raised hundreds of millions of yuan, said Chinese media outlet PEdaily without disclosing the exact sum.
This round was led by Chinese private equity Centurium Capital, the key investor in Luckin Coffee, and San Francisco and Hong Kong-based Princeville Capital, which once backed Alibaba Group Holding, Baidu, Xiaomi and Facebook.
The fresh funds will be used in research and development, market expansion and mass production.
Iluvatar CoreX was founded at the end of 2015 by Li Yunpeng, who worked at Oracle for 10 years. The startup makes chip products and also operates a machine-learning platform called SkyDiscovery.
China has invested heavily in its chipmaking industry so that it can build and control core technologies.
Alibaba’s chip subsidiary Pingtouge launched its own processor called Xuantie 910 in late July, just months after its foundation.
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