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Home Artificial Intelligence AI chips start-up Zhixinke secures RMB 100 million in a funding round

AI chips start-up Zhixinke secures RMB 100 million in a funding round

Zhixinke is targeting a worldwide market of AI chips that was worth $8 billion in 2019 and is expected to reach $70 billion by 2026, growing at a compound annual growth rate (CAGR) of around 35 per cent

In an angel round led by SIG China and Jiangmen Ventures, Hangzhou-based AI chips start-up Zhixinke has secured nearly RMB 100 million ($15.45 million). The capital will be used for research and development, talent recruitment, and market expansion.

Zhixinke, which designs edge computing AI chips focused on high performance with low energy consumption, was founded in September 2019. The company’s potential customers hail from a range of sectors including smartphones, autonomous driving, cyber-security, drones, robotics, as well as virtual reality and augmented reality.

“As the semiconductor industry enters the post-Moore era, AI chips requirements for high energy efficiency have compelled the sector to create new integrated circuit architecture”, said Zhang Zhongxuan, chairman and CEO of Zhixinke. “The design of our AI chips, which integrates computing power and storage, will reduce the cost of operating AI technology, shorten processing times, and lower energy consumption”.

“For example, when integrating edge computing into mobile phones or drones, power consumption is reduced by dozens of times, significantly improving battery life and solving heat dissipation issues”, Zhang explained.

For advanced manufacturing, eventually aiming to design and apply its chips in more horizontal use cases, the company also sees potential for its products within China’s broader push. “Our solution is versatile, and can be scaled easily. We can provide customers with a variety of neural network algorithms for their specific needs”, said Zhu Xianing of Zhixinke.

Zhixinke is targeting a worldwide market of AI chips that was worth $8 billion in 2019 and is expected to reach $70 billion by 2026, growing at a compound annual growth rate (CAGR) of around 35 per cent, according to a report from Global Market Insights.

Also read: DigiYatra: A paperless journey experience for domestic air traveller

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khushbu
Khushbu Sonihttps://www.cionews.co.in
Chief Editor - CIO News | Founder & CEO - Mercadeo

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