Horizon Robotics is one of the companies at the fore front of China’s strategic “Made in 2025” policy. Its latest funding round has valued it at $3 billion.
On Wednesday, Horizon Robotics, a Chinese chip maker stated it had $600 million in its latest funding round, thus bringing its valuation to $3 billion.
The development comes midst a strategic push by Beijing to boost its semiconductor industry.
The fundraising round was led by SK Hynix Inc and several “first-tier” Chinese automakers, including Citic Securities’ One-Belt-One-Road Fund, China Oceanwide Capital, and Minsheng Capital, said Horizon Robotics in a statement on its website.
As per the company’s spokeswoman, Horizon Robotics expects “breakthroughs” in automotive-grade processor architecture, and third-generation processor architecture in the coming years.
In November 2018, the Financial Times had reported that Horizon Robotics was raising up to $1 billion, which would lift its valuation to $3 billion to $4 billion.
In the same month, the company had signed a “cooperative agreement” with South Korean telecommunications company SK Telecom. SK Hynix and SK Telecom share the same parent – SK Group.
Horizon Robotics specializes in making artificial intelligence (AI) powered chips for automobiles and cameras.
Horizon Robotics’ founder and CEO, Yu Kai once led the autonomous driving business of Baidu Inc, China’s leading search engine.
The company has also worked with Germany’s Audi to develop hardware and software for Audit o receive its test license for autonomous driving on public roads in Wuxi, China.
Under its “Made in 2025” policy, Beijing has called for more self-reliance in the sector.