Chinese tech giant Tencent has doubled down on efforts to expand its chipmaking ecosystem by taking part in a 700 million yuan ($98.7 million) fundraising round for a Shanghai-based tech startup.
Enflame, a company that specializes in making AI chips, announced its series B funding round on Thursday. Although Tencent was not the lead investor and its actual level of funding remains undisclosed, it previously invested at least 340 million yuan in the startup. The new funding marks the third time in two years it has invested in Enflame.
With a 23.2% stake in the startup, Tencent is Enflame’s largest shareholder after its founders, according to public documents.
The latest funding round brings Enflame’s valuation up to 5.2 billion yuan. The company said it aims to increase that figure to 7 billion yuan in its next round of fundraising.
Read the full story on Caixin Global later today.
Contact reporter Mo Yelin (yelinmo@caixin.com)
Related: China’s AI Startups Raise Millions, but 2020 Looks to Be Lean Year
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