Chinese AI firm to raise 500m yuan in latest financing round
Infinigence AI is to raise 500 million yuan (US$70.4 million) in a latest round of financing, its said on Tuesday, elevating total capital raised to over 1 billion yuan since its establishment 16 months ago.
The investors in the new round include funds of Zhongguancun and Xuhui districts, Qiming Venture, Lenovo, Xiaomi and Shanghai AI Industry Fund.
Investors in Infinigence AI, which has raised about 1 billion yuan since it was founded.
Infinigence AI has released a new infrastructure platform, akin to a mid-level software layer, to connect different brands of AI chips and models. This approach addresses the challenge of limited access to advanced chips by enabling hybrid AI infrastructure, utilizing AMD, Huawei and Nvidia technologies.
That's an important development amid US sanctions that limit access to advanced chips like Nvidia's. Chinese organizations often find it difficult to procure enough training cards with Nvidia chips.
The company's platform made its debut in Shanghai during the World Artificial Intelligence Conference 2024 in July.
The raised funds will be used to strengthen technical research and talent, mainly in software-hardware synergy and diversified heterogeneous technology. It will also strengthen ecological cooperation, activate resources, and build itself as "AI resource operator" in the new era, Infinigence AI said.
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