AI chip provider Horizon Robotics banks $400 million in series C2 round

Shanghai (Gasgoo)- Chinese AI solution provider Horizon Robotics announced on Jan. 7 it bagged up to $400 million in its Series C2 financing, which is led by CATL and involved other investors like Baillie Gifford, YF Capital and CITICPE.

As of today, the startup has completed nearly 80% financing goal for its Series C round with $550 million raised. The investors involved in the funding round include Aspex, CloudAlpha Tech Fund, Hermitage Capital, Neumann Advisors, ORIX, Shandong Hi-Speed Capital, Yuantai Changqing Fund and CITICPE.

Photo credit: Horizon Robotics

Horizon Robotics said the proceeds will be used to speed up the R&D and commercialization of the next-generation Level 4/5 smart automotive chips.

The company claimed about two weeks ago the beginning of its Series C funding. In the C1 round, it raised $150 million from 5Y Capital, Gaoling Venture Capital, Hillhouse Venture Capital and Capital Today.

Founded in 2015, Horizon Robotics is dedicated to providing integrated and open embedded AI solutions. It works on developing the chipsets for autonomous cars, robots, smart cameras and other intelligent facilities.

The startup has forged partnership with many OEMs and tier 1 suppliers at home and abroad, such as Changan Automobile, SAIC Motor, GAC Group, FAW Group, Li Auto, Chery Auto, Great Wall Motor, Audi, Continental AG and Faurecia.

In the first half of 2021, Horizon Robotics plans to launch the Journey 5 chip that is designed for Level 3/4 autonomous driving scenarios and features 96 TOPS AI computing power.