Biren Technology, one of China’s challengers to Nvidia, raised a new round of funding led by a state-owned fund in Shanghai, as the US-sanctioned artificial intelligence (AI) chip start-up gears up for an initial public offering (IPO) in the country.
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The company, valued at US$2.2 billion according to the 2024 Hurun Global Unicorn List, secured fresh funding from a private equity entity under Shanghai State-owned Capital Investment (SSCI), according to the investment fund.
The latest fundraising also involved other investors, according to a Tuesday statement from the Shanghai SSCI Leading Private Equity (PE) Fund Management, but it did not elaborate on the size of the investments.
It was the first investment made by the AI industry “fund of funds” under SSCI’s PE firm, and was considered an important contribution to the AI ecosystem, the investment firm said.
The move showed Shanghai’s determination to build a “fully domestically produced, independent and controllable” computing system, using made-in-China chips to “solidify the foundation of the country’s AI industry and its global competitiveness”, the SSCI fund said.
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