(Yicai Global) June 20 -- Cambricon Technologies has raised hundreds of millions of US dollars in a Series B round of financing, valuing the Chinese smart chipmaker at USD2.5 billion.
Cambricon did not reveal the exact amount raised, state-backed The Paper reported. The Beijing-based company secured USD100 million in its A-round last August.
The latest round was led by SDIC Venture Capital, a unit of state-owned investment holding group China Reform Holdings, state-owned Capital Venture Investment Fund and its sub-fund Guoxin Qidi Fund.
Founded in 2016, Cambricon has said it will make up 30 percent of China's smart chip market in the next three years and supply more than one billion smart chips globally.
The firm launched two products in May: a cloud-based smart chip Cambricon MLU100 and a new version of its AI processor Cambricon 1M. The former can handle sound, image and natural language processing.
Editor: Emmi Laine