There has been an investment of $313 million in the Series A round of financing secured by Moore Threads, a Chinese semiconductor company. As a result of its recent Series A funding round, Chinese GPU maker Moore Threads has raised $313 million co-led by Source Code Capital, Shanghai Guosheng Group, and Bohai Sheng Industrial Fund Management
Regardless of the fact that Moore Threads has been in business since 2007, the company has recently raked in 2 billion yuan ($313 million) in a Series A round of funding, according to the company on Thursday.
Source Code Capital, a long-term backer of the project, Shanghai Guosheng Group, a state-backed enterprise, and Bohai Sheng (Hubei) Industrial Fund Management, a subsidiary of BOC International, jointly led the funding. There were also nine investors who participated in the round, including CCB International, Qianhai FOF, China Merchants Securities, and the China Construction Bank.
R&D center opened in Chengdu
In a series A round of funding, Moore Threads, a Chinese maker of graphics processor units (GPUs), has raised $313 million.
A group of investors led by China’s state-backed Shanghai Goushend Capital and Source Code Capital, which invested in Mexican fintech company Stori previously, led the round.
In addition to China Construction Bank and Bohai Sheng Industrial Fund Management, the China Merchants Securities company also participated in the financing.
A semiconductor company has said it will use the new funds to continue developing its chips and move towards mass production as soon as possible.
In addition to funding research and development for the GPU system on chip (SOC), this financing also aims to secure intellectual property rights as well as to increase research and development.
According to Zhou Daohong, general manager of Shanghai Guosheng Capital, the domestically produced full-featured GPU, designed and developed by Moore Thread, with the goal of balancing performance and efficiency, is capable of supporting a wide variety of digital application scenarios as well as contributing to China’s development of its digital economy innovation power.
TikTok was one of the early backers
Moore Threads Intelligent Technology Beijing Co., which was founded in October 2020, is a company based in the Chinese capital and specializes in intelligent thread technologies.
In addition to ByteDance, the parent company of TikTok, the startup has a number of earlier backers, including ByteDance, which is planning to develop its very own cloud AI solution.
A GPU for artificial intelligence computing is being developed by Moore Threads itself. There are a variety of functional cores on the chips that cover 3D graphics, logic computing, and training in artificial intelligence.
According to the startup, its GPUs will be deployed in a wide range of market segments, from smart energy to autonomous driving to industrial simulations, and it has set its sights on several markets.