AI chip unicorn Horizon Robotics raises US$600m in funding as China seeks to reduce dependence on imported semiconductors – SCMP

What happened: Artificial intelligence (AI) chip designer Horizon Robotics has raised a massive $600 million in its latest round of funding. The round was led by SK, a South Korean conglomerate, memory chipmaker SK Hynix, and a number of venture capital funds backed by Chinese auto manufacturers. The investment now values Beijing-based Horizon Robotics at $3 billion, according to the company.

Why it’s important: Backed by private and state funds, China’s AI chip industry is witnessing a boom. Earlier this week, chipmaker Nationalchip announced a RMB 150 million investment led by a fund under the State Development & Investment Corp, which is backed by the Ministry of Finance. China seeks to temper its reliance on foreign-made technology, especially semiconductors. President Xi Jinping has called for self-sufficiency as part of a broad plan aimed at moving China up the industrial value chain. AI is of particular significance. The State Council, China’s cabinet, has set a goal of becoming a world leader in the technology by 2030.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Chris Udemans

Christopher Udemans is a Shanghai-based technology reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.