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Xiaomi invests in Chinese self-driving chip unicorn Black Sesame

Startup leverages fresh funding to accelerate product upgrades and commercialization

Chinese smartphone giant Xiaomi plans to enter the automotive sector with a new smart electric vehicle business.

HONG KONG -- Black Sesame Technologies, a Chinese developer of artificial intelligence-based self-driving computing chips, says it is close to a valuation of nearly $2 billion after raising "hundreds of millions of U.S. dollars" from investors, including Xiaomi's industry investment fund.

Shanghai-based Black Sesame raked in the new capital through a strategic investment and two Series C tranches of capital injection, the firm announced on Wednesday.

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