Chinese smartphone major Xiaomi is reportedly looking to invest in Black Sesame Technologies while Yrobot has closed its Series A round.
Xiaomi plans to invest in Black Sesame
Chinese global electronics giant Xiaomi Corporation is considering joining the 1.5 billion yuan ($231 million) funding round for Shanghai-headquartered AI and autonomous driving chipmaker Black Sesame Technologies Inc, Bloomberg reported on April 22.
Black Sesame is also targeting an initial public offering (IPO) on Nasdaq-style STAR Market in Shanghai next year. The chipmaker is said to conduct one financing round ahead of the IPO launch.
Black Sesame, set up in 2016, is an AI company focused on image processing, perception algorithm, and SOC design. Black Sesame provides a gamut of autonomous driving solutions to industry players like Bosch, SAIC, SGM, BYD, among others.
Black Sesame had in 2019 raised $100 million in a Series B round from Northern Light Venture Capital, Legend Capital, SAIC Motor, SK Property and China Merchants Ventures.
Yrobot bags funding from Hillhouse, others
Rehabilitation robot developer Yrobot has garnered more than $10 million in its Series A round of financing co-led by Chinese realty major Country Garden’s investment arm Country Garden Venture Capital, according to a company statement on Friday.
Return backer Chobe Capital co-led the round. Asia-focused PE firm Hillhouse Capital, Chinese searching engine Baidu’s investment vehicle Baidu Ventures and Linear Capital joined the round.
In October last year, Yrobot had raised its pre-A round from BV, Hillhouse Capital’s venture unit GL Ventures, Linear Capital, Chobe Capital and AIBasis in October 2020.
The company will deploy the proceeds towards sprucing up its digital healthcare system, IT infrastructure and product innovation.