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China tech

Chinese AI chipmaker raises hundred of millions of yuan

Iluvatar CoreX to use funds for R&D

 Security officers keep watch in front of an AI (Artificial Intelligence) sign at the annual Huawei Connect event in Shanghai, China September 18, 2019. REUTERS/Aly Song   © Reuters

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.

KrASIA is a digital media company focused on technology-driven businesses and trends across the Asia-Pacific region. It is under 36Kr, a tech news portal based in Beijing. Nikkei announced a partnership with 36Kr on May 22, 2019.

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