BOE Technology and Will Semiconductor have chipped into a series C7 round for the multicorporate-backed AI computing chip producer valuing it at $5bn.
China-based semiconductor technology developer Horizon Robotics has raised $1.5bn in series C7 funding from electronic parts manufacturer BOE Technology and chipmaker Will Semiconductor, PEdaily reported on Thursday.
The round was secured at a $5bn valuation, and it came after a $300m series C6 round at an unspecified time that included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, as well as investment firm Huangpu River Capital and unnamed other entities.
Founded in 2015, Horizon is working on artificial intelligence (AI) algorithm-equipped chips for applications in areas including autonomous mobility, security cameras and internet-of-things devices.
The company had secured an undisclosed amount in series C5 funding from unnamed investors following a C4 round at a similarly unspecified date, the latter including carmaker BYD Auto, optical products manufacturer Sunny Optical, China International Capital Corporation (CICC), ZWC Partners and Zhongyuan Capital.
BYD and Sunny Optical had taken part in a $350m series C3 round for Horizon in February 2021 that also featured carmakers Great Wall Motors, Changjiang Automobile Electronic, Changzhou Xingyu Car Light and Dongfeng Motor (through its Dongfeng Asset unit), CICC-backed CMC-SDIC Capital, Shougang Fund and Shanghai AI Industry Fund.
Battery manufacturer Contemporary Amperex, Baillie Gifford, YF Capital and Citic Private Equity Funds Management co-led the company’s $400m series C2 round the previous month, investing with financial services firm Orix, CloudAlpha Tech Fund, Neumann Advisors, Aspex Management, Hermitage Capital, China Securities, Yuantai Changqing Fund and Shandong Hi-Speed Group’s SDHS Capital.
5Y Capital, Hillhouse Capital’s GL Ventures fund and Capital Today had co-led a $150m series C1 round in December 2020 with contributions from Guotai Junan International and KTB Investment.
Conglomerate SK Group’s SK China and SK Hynix subsidiaries participated in Horizon’s $600m series B round, in early 2019, which was also backed by Hillhouse, 5Y Capital, China Oceanwide Holdings, investment bank Citic’s CSobor Fund and unnamed carmakers.
Intel Capital, the corporate venturing arm of chipmaker Intel, led a $100m series A-plus round for the company in 2017 that included 5Y Capital, Hillhouse Capital, Harvest Investments, Wu Capital and Linear Ventures.
Innovation Works, ZhenFund, Sequoia Capital, GSR Ventures, Tsing Capital, Vertex Ventures, DST Global, Sinovation Ventures and Yuri Milner are all among the company’s earlier backers.
