<article>Sequoia China has backed a $50-million Series C round in Graphcore while Mizozhen Systems has picked up a stake in MaLogic.</article>

Sequoia China has backed a $50-million Series C round in Graphcore while Mizozhen Systems has picked up a stake in MaLogic.
<h3>Sequoia China backs $50m Series C in AI chipmaker Graphcore</h3>
Sequoia Capital China joined Menlo Park, California-based Sequoia Capital in a $50-million Series C investment round in UK&#8217;s artificial intelligence (AI) chip maker Graphcore.
Graphcore initially announced the investment in November but only mentioned Sequoia Capital as its investor at the time. The new disclosure by Sequoia China will see it leverage resources in both the US and China to aid its expansion.
Previous investments include a $30-million Series B led by Atomico in July and a $30 million Series A in October 2016 led by Robert Bosch Venture Capital GmbH and Samsung Catalyst Fund, with participation from Amadeus Capital Partners, C4 Ventures, Draper Esprit plc, Foundation Capital and Pitango Venture Capital.
Graphcore develops its own products, called IPUs (intelligence processing units), designed specifically for improving the performance of machine learning. Shipments will commence in 2018, with the funding to be dedicated to scaling up production, building a community of developers around the Poplar software platform, driving Graphcore’s extended product roadmap, and investing in its Palo Alto-based U.S. team to help support customers.
Neil Shen, founding and managing partner of Sequoia Capital China, said, &#8220;Our investment in Graphcore will focus on making the finest intelligent processors and help innovators breakthrough in artificial intelligence and machine intelligence.”
Global spending on cognitive and artificial intelligence (AI) systems is forecast to reach $12.5 billion in 2017, up 59.3 per cent year-on-year and is expected to continue to see significant corporate investment over the next several years, achieving a compound annual growth rate (CAGR) of 54.4 per cent through 2020 when revenues are forecast to be in excess of $46 billion, according to an April 2017 report by IDC.
<h3>Miaozhen Systems invests in MaLogic</h3>
Miaozhen Systems has acquired a stake in market intelligence firm MaLogic. Financial terms of the deal were not disclosed.
MaLogic is a tech-based consulting business company co-founded by Eliza Wong, former CEO of Synovate Greater China, and Royce Yuen, former Ogilvy HK Chairman. Miaozhen Systems was founded by Wu Mingui in 2006 and develops third-party marketing data technology.
&#8220;We are extremely pleased to team up with Miaozhen which is a proven industry leader,&#8221; said Eliza Wong, Co-CEO of MaLogic. &#8220;We will be co-developing some exciting IP products that are intended to empower clients to fully leverage the latest technology for more effective business and marketing management.&#8221;
Miaozhen and MaLogic plan to develop advanced technologies for video analysis and image recognition to track the entire consumer pathway from initial contact to purchase and to integrate online and offline data sources to provide real-time data support to create big data marketing solutions for the retail industry.
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Sequoia Capital China joined Menlo Park-based Sequoia Capital in a $50-million Series C round in UK's artificial intelligence (AI) chip maker Graphcore.

China: Sequoia China backs Graphcore's $50m Series C; Miaozhen invests in MaLogic

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China: Sequoia China backs Graphcore's $50m Series C; Miaozhen invests in MaLogic

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