Moffett AI Raises Nearly 1 Billion Yuan in Series C for Sparse Computing AI Chips
Moffett AI, a Chinese AI chip firm focusing on sparse computing technology, has secured nearly 1 billion yuan (around 140 million US dollars) in Series C financing. The financing round was jointly led by Shenzhen Capital Group, Greater Bay Area Homeland Investments, Lidings Capital and Yunsheng Capital, while existing investors including K2VC, Shengjing Jiacheng and Rockhill Technology also followed on. Founded in 2018 by alumni from Carnegie Mellon University, Moffett AI ado
Moffett AI, a Chinese company specializing in AI chips, has successfully raised close to 1 billion yuan (approximately $140 million USD) in its Series C funding round. The investment was spearheaded by several prominent firms, with existing investors also participating. Moffett AI's technology focuses on sparse computing, which optimizes calculations by eliminating redundant processes, leading to significant reductions in power consumption and operational costs for AI inference.
The company has developed a unique dual-sparsity algorithm and its computing cards have achieved top performance in industry benchmarks. The newly acquired capital will support the mass production of their next-generation computing cards and expand their nationwide service network, catering to diverse sectors like smart manufacturing, green energy, and healthcare.
This funding is significant as it supports a company developing cost-effective AI inference solutions, which are becoming increasingly crucial as the industry shifts focus from training to deployment.
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