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KEY STAT | China’s ‘Nvidia rival’ Horizon Robotics raises fresh money

Written by Julianna Wu Published on     1 min read

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The company plans to raise over USD 700 million in its Series C round.

Chinese semiconductor maker Horizon Robotics on Thursday announced the completion of a USD 400 million series C2 funding round led by Baillie Gifford, Yunfeng Capital, battery manufacturer CATL, and others, 36Kr reported.

The new capital will be used to accelerate development and commercialization of its automotive smart chips, as well as to build an open partner ecosystem in the automobile industry, said the report.

Horizon is a Beijing-based AI chip unicorn with focus on autonomous driving. Previously it was reportedly planning to list in the US, but then decided to raise over USD 700 million in the private market as the US markets became less welcome for Chinese deep tech companies.

To date, USD 550 million of the planned USD 700 million financing has been completed.

Read this: NYSE to delist three Chinese telecom stocks, as US considers move on Alibaba and Tencent

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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