Horizon Robotics, a Beijing, China-based edge artificial intelligence computing platform, raised c. $600m in Series B financing.
The round, which valued the company at $3Bn, was jointly led by SK China, SK Hynix, and several automotive groups and their investment vehicles. Other strategic partners and investors involved in this round include China Oceanwide Group’s Oceanwide Capital, CMBC Capital, CLSA’s CSOBOR Fund, and Oceanpine Capital. Existing shareholders, including Morningside Venture Capital, Hillhouse Capital, V Fund Management and Linear Venture, have also participated in the financing.
The company intends to use the funds to continue to invest increasing resources in product and technology development.
Led by Dr. Yu Kai, founder and CEO, Horizon Robotics commercialized “Journey”, which focuses on autonomous driving, and “Sunrise”, which focuses on AIoT in 2017. In 2018, the company released the “Matrix” Platform for autonomous driving, and “XForce” platform for edge AI computing. It also deployed “Navnet”, a crowd-sourced high precision and high definition mapping and positioning solution based on “Matrix”.
For autonomous driving, Horizon Robotics has gradually expanded its network of top automotive Tier1s and OEMs.
Partners include Audi, Bosch, Chang’an, BYD, SAIC Motor, and Guangzhou Automobile Group.
For AIoT, the “Sunrise” processor has completed over 20 design-wins during the second half of 2018. Through the deployment of AIoT solutions powered by “Sunrise”, the company has facilitated the construction of smart cities and transportation networks in many development projects, enabling smart communities and residential buildings, supporting SK Telecom, BeLLE, Yonghui Supermarket, Longfor, and other partners as businesses integrate smart technology.
Recently, Xiaomi’s “Mi AI Speaker” – powered by Horizon’s microphone-array voice recognition technology – was released.