Horizon Robotics, one of China’s leading designers of artificial intelligence chips, is raising up to $1bn in a funding round that will value it at between $3bn and $4bn.
The three-year-old company, which is backed by Intel, is one of a clutch of Chinese groups focused on developing AI chips for self-driving vehicles, surveillance cameras and other internet-connected smart devices.
Horizon, which was co-founded by Yu Kai, who led the self-driving project at the tech giant Baidu, has a partnership with Audi to develop self-driving cars in the eastern city of Wuxi. Another of Horizon’s chips runs facial recognition algorithms and enables cameras to identify faces from a database in the device of up to 50,000 faces.
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