(Yicai Global) Jan. 7 -- Horizon Robotics, a five-year-old startup that develops artificial intelligence chips, has raised USD400 million in its latest fundraising round led by Chinese electric vehicle battery giant Contemporary Amperex Technology and other big name investors.

Yunfeng Capital, set up by Alibaba Group Holding’s founder Jack Ma, UK investment management firm Baillie Gifford and Shanghai-based CITIC Private Equity Funds Management also took part in the C2 round, Horizon Robotics said today. It did not mention the specific amounts invested.

The funds raised will be used to accelerate the development of a new generation of smart chips for cars, it added.

Horizon Robotics started mass production of its in-car AI chips last year. It has already shipped more than 100,000 of the Journey 2 chip. The Beijing-based firm is preparing to debut a new generation of chips called Journey 5 in the first half, which can be used for Level 3 and Level 4 autonomous driving, when the car can drive itself under certain, manageable conditions.

The AI unicorn expects to have raised USD700 million once C-series financing is finally closed, having already secured USD150 million in a C-1 round in December last year. Participants in that round included Shanghai-based 5Y Capital, Beijing-based Hillhouse Capital and Hong Kong-based Capital Today.

This is on top of USD600 million it raised in B-series financing in February 2019 which gave the firm a valuation of USD3 billion at the time.

Editor: Kim Taylor