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Intellifusion raises 1B yuan in pre-IPO funding round – China Money Network

China's Shenzhen IntelliFusion Technology Co. Ltd. obtained nearly 1 billion yuan in a pre-IPO funding round led by Utrust VC, Forebright Capital and existing investor Walden International, China Money Network reported April 3.

CCB International, BOCOM International, BOC & Trust Private Equity Fund, Topping Capital, Tsinghua Holdings Capital, HCSD Capital, Sino-US Venture Capital and Sirius Capital were among the investors who participated in the round.

The Chinese artificial intelligence chip maker will use the new capital to further research and develop its algorithms, chips and big data, as well as for scenario exploration and market promotion, according to the report.

As of April 3, US$1 was equivalent to 7.09 yuan.