(Yicai Global) Oct. 20 -- Chinese startup Horizon Robotics Inc. said that it received backing from Intel Capital at the 2017 Intel Capital CEO Showcase in San Francisco.
Horizon Robotics is expected to raise nearly USD100 million in its series A+ financing round by the end of this year, Jiemian News reported.
Intel Corp.'s [NASDAQ:INTC] investment division led the round. Harvest Investments Ltd., Morningside Venture Capital, Hillhouse Capital Group, Wu Capital and Linear Venture participated. TH Capital LLC will be the exclusive financial adviser to the round. Daniel McNamara, Intel's global vice president, will join Horizon Robotics' board of directors.
The company will use the funds to accelerate its development of technology and products as well as business implementation, to build an artificial intelligence processor framework and key technologies with an algorithmic software system as the core for autonomous driving, smart cities and other applications, and to develop an exit system and embedded AI solutions.
Yu Kai, a former executive at Baidu Inc.'s [NASDAQ:BIDU] Institute of Deep Learning, founded Horizon Robotics. The firm provides core embedded AI technology and system-level solutions and equips driverless cars, smart cameras and other devices with 'brains' making them intelligent entities able to perceive, interact, understand and make decisions.
Intel Capital, Intel's global investment and acquisition organization, announced more than USD60 million of new investments in 15 technology startups innovating areas such as AI, cyber security and autonomous machines. New companies joining Intel Capital's portfolio include Horizon Robotics and startups from the United States, Canada, Israel and Japan.