CX Briefing: Chinese AI Chip Startup Raises Nearly 1 Billion Yuan

A rundown of the news making headlines in and around China:

AI chip fundraising: A Chinese GPU startup has raised nearly 1 billion yuan ($139.6 million) in another sign of investment pouring into the domestic industry for making the chips that power artificial intelligence (AI) models. The startup, Sunrise, was spun off from Chinese AI pioneer SenseTime Group Inc. last year. Sunrise confirmed the fundraising round on the same day it announced it had started mass producing its S2 AI chips. It added that its next-generation S3 chip will deliver triple the inference performance at a fraction of the cost. Investors in Sunrise’s fundraising round included Sany Group Co. Ltd.’s venture capital unit and Beijing Fourth Paradigm Technology Co. Ltd., better known as 4Paradigm.