Home / SmartTech / Korean conglomerate SK tops China chip maker Horizon Robotics – TechCrunch for $ 600 million

Korean conglomerate SK tops China chip maker Horizon Robotics – TechCrunch for $ 600 million

Horizon Robotics, a three-year Chinese startup backed by Intel Capital, has just won a massive round of domestic and foreign funding from its global supremacy in developing AI solutions and chips for autonomous vehicles (smart) fights retail stores, surveillance equipment and other devices for everyday scenarios.

The Beijing-based company announced Wednesday that it has raised $ 600 million in a Series B financing round led by SK China, the Chinese subsidiary of South Korean conglomerate SK; SK Hynix, the semiconductor unit of SK; and a number of unnamed Chinese automakers along with their funds.

The new capital led to a valuation of Horizon of at least $ 3 billion, the company claims. The Financial Times previously reported that the chipmaker had raised up to a billion dollars in a round of financing, which could be worth up to four billion dollars. Such a price tag could perhaps be justified by the enormous amounts of resources that China has put into the glowing sector as part of a national push to reduce reliance on imported chips and to do what analysts call "semiconductor sovereignty". describe.

Horizon did not specify how the revenue will be used. The company could not be reached immediately because of comments.

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5, Yu Kai Baidu left as a deep learning supervisor of the Chinese search engine giant and founded Horizon to make the "heads" for a wide range of connected equipment. With that, Yu basically got ready for a race against industry veterans like Intel and Nvidia. So far, the startup has been a breeze by securing government contracts that are a solid source of revenue for China's startup Ki as SenseTime, and several well-known clients such as SK's telecommunications division, which already uses Horizon's Smart Development algorithms to create solutions for the retail industry. Like many of his senior team leaders, Horizon has set up an office in Silicon Valley and hired local talent for his lab.

Other investors who participated in the round included several of Horizons recurring investors, such as Hillhouse Capital and Morningside Venture Capital . There were also some new heavyweight financiers, such as a fund managed by the China Oceanwide Holdings conglomerate, as well as the CSOBOR Fund, a private equity firm founded by China's state-owned CITIC projects China's ambitious modern "Silk Road" initiative "One Belt, One Road".

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