In a significant boost for artificial intelligence technology, China’s SpacemiT has raised over 600 million yuan (around $86.1 million) in a Series B funding round. The capital will be instrumental in advancing the startup's development of RISC-V K3 chips, which are designed to enhance the computing power of AI-enabled devices and robotics.
The funding was acquired from a consortium of state-backed investors, including the China Internet Investment Fund and the Beijing Artificial Intelligence Industry Investment Fund. Additional contributions came from the Agricultural Bank of China’s asset investment unit, Huaxia Hengtian, and private equity firm Forebright Capital, among others. This financial infusion is expected to bolster SpacemiT's talent acquisition efforts to meet growing demand in the AI sector.
Founded in November 2021, SpacemiT specializes in high-performance RISC-V CPUs and integrated hardware and software solutions. The company is focused on supporting large language models and is preparing for the mass production of its K3 chip, scheduled for April. This follows the successful completion of its design phase, crucial for its manufacturing process.