The company, valued at US$2.2 billion according to the 2024 Hurun Global Unicorn List, secured fresh funding from a private equity entity under Shanghai State-owned Capital Investment (SSCI), according to the investment fund.
The latest fundraising also involved other investors, according to a Tuesday statement from the Shanghai SSCI Leading Private Equity (PE) Fund Management, but it did not elaborate on the size of the investments.
The move showed Shanghai’s determination to build a “fully domestically produced, independent and controllable” computing system, using made-in-China chips to “solidify the foundation of the country’s AI industry and its global competitiveness”, the SSCI fund said.
