News: Baidu’s AI chip unit Kunlun completes new funding, at $2 billion valuation: source.
BEIJING (Reuters) – Chinese search engine giant Baidu Inc announced on Monday that its artificial intelligence chip unit, Kunlun, recently completed a fundraising round which, according to a source with direct knowledge of the matter, raised the company with approximately $ 2 billion rated.
The fundraiser, which is being conducted to advance the ambitions of AI chip design and manufacturing, was led by Chinese private equity firm CITIC Private Equity Funds Management (CPE), the source said. Other investors are IDG Capital, Legend Capital and an industry fund Oriza Hua.
“The Kunlun chip business recently closed a financing round. We will release more information in due course, ”Baidu said in a statement sent to Reuters on Monday refusing to comment on the investors, the fundraising amount or the valuation.
CPE, IDG, Legend Capital and Oriza Hua’s parent company Suzhou Oriza Holdings did not immediately respond to requests for comment. The source was not named because the information is not public.
Kunlun chips are currently mainly used by Baidu for smart electric vehicles and cloud computing.
Baidu is considering commercializing its AI chip design capabilities to make the Kunlun unit a stand-alone company, according to the source.
Baidu also operates another chip unit called Honghu.
Last week, Nasdaq-listed Baidu began raising $ 3 billion as part of its Hong Kong secondary listing.
Reporting by Yingzhi Yang and Tony Munroe; Editing by Shri Navaratnam
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