Mobile phone giant Xiaomi is among investors considering joining a funding round of at least 1.5 billion Chinese yuan ($231 million) for Black Sesame Technologies.
The fundraising would value the Shanghai-headquartered artificial intelligence and autonomous driving chip maker at as much as $1.5bn, sources told Bloomberg.
Black Sesame is considering an initial public offering on China’s technology-focused Shanghai Star board as soon as next year. At least one more round of investment is planned before any potential IPO.
Xiaomi has invested billions in scores of start-ups to build out its smartphone and online ecosystem, but a deal with Black Sesame would mark the company’s latest bet on the automotive arena since announcing a $10bn plan to build electric vehicles.
The start-up, which designs AI chips and systems for cars, counts major auto industry firms including Robert Bosch and Saic Motor among its clients, according to its website.
Details of the fundraising such as size and valuation could change, the sources said, while discussions of the IPO are at an early stage and the company could decide not to pursue a listing.
Representatives for Black Sesame and Xiaomi declined to comment.
The investment talks come as Xiaomi plans to invest $10bn over the next decade into manufacturing EVs, its billionaire co-founder Lei Jun announced last month.
The Chinese smartphone maker joins tech giants from Apple to Huawei in targeting the vehicle industry, betting future cars will grow increasingly autonomous and connected.
Xiaomi will outsource car assembly to contract manufacturers, a model it uses for its smartphones.
Founded in 2016, Black Sesame has about 300 employees, 80 per cent of whom work in research and development, its website said.
The start-up is one of a growing number of Chinese chip makers and tech giants seeking capital to develop semiconductors used to train AI algorithms.
China has pledged to grow its domestic semiconductor industry and reduce its reliance on American technology.
Demand for semiconductors capable of handling AI tasks such as machine learning has sharply increased in recent years, fuelled by a boom in data-intensive applications including high-resolution video games and cryptocurrency mining.
The global AI chip market is currently led by Nvidia, while the likes of Amazon and Alphabet’s Google have also invested in their own bespoke server silicon.
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31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
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Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
HOW TO WATCH
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AGUERO'S PREMIER LEAGUE RECORD
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Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
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UAE currency: the story behind the money in your pockets
