Ice Tech Science & Technology Co., Ltd., an AI solution provider in China, completed a Series B funding round.
The amount of the deal was not disclosed.
Intel Capital led the round with co-investment from Green Pine Capital Partners and Frees Fund.
The new capital as well as the launch of new AI solutions will support Ice Tech as the company works to expand its technology leadership in AI algorithms and accelerate AI adoption in China. The Series B funding proceeds will be used in research and development of AI algorithms and chip technologies. The company received a Series A investment led by Dongchen Fund in 2015.
Founded in 2012 by Kai Cui, chairman and CEO, Ice Tech pioneered chip-based AI algorithm technology, developed a series of Intelligent Transportation, Intelligent Community, Intelligent Security and Intelligent Retail products and solutions and has just introduced an entrance and exit vehicle plate recognition system, a reverse vehicle tracking system and a facial recognition system.