Westwell, an AI chips accelerator backed by consumer conglomerate Fosun Group’s investment vehicle InnoStar Ventures, has secured over 100 million yuan ($14 million) in a fresh funding round.
State-backed Essence Securities, smart energy solutions provider Shenzhen Center Power Tech, IT services provider Inspur Group’s investment arm and Dongling Yuda Capital participated in the round. Existing investors Empower Investment and Hygoal Capital also joined the round, according to a company statement.
The Shanghai-headquartered Westwell specialises in AI chip solutions development. Westwell’s three flagship chips are widely used in sectors such as ports, healthcare, logistics, and mines.
Westwell also introduced the first driverless container truck back in April 2018.
Westwell will continue to focus on the smart port and logistics space and also the commercialisation of its driverless application.
Founded in 2015, Westwell has closed a total of seven rounds of financing. In 2017, InnoStar Ventures had invested in Westwell.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from April 14-15, 2020.