Chinese AI company, ICE TECH Science & Technology has raised a Series B funding round led by Intel Capital, the global investment arm of US tech giant Intel Corporation. Financial terms were undisclosed.
Green Pine Capital Partners and Frees Fund also co-invested in the round.
The proceeds will be used in the research and development of AI algorithms and chip technologies, according to an official statement. The company also launched a series of intelligent parking and community AI solutions targeting the Chinese market.
Founded in 2012, ICE TECH focuses on AI applications in computer vision with potential applications in smart transportation, community, security and retail sectors. Their integrated AI technology ecosystem claims to span across industry value chains from upstream AI algorithm chips to end-product marketing.
“ICE TECH’s core competency is developing AI technologies that help enable AI adoption in China,” said Kai Cui, founder, chairman and CEO of ICE TECH. “
ICE TECH is no stranger to Intel.
The Chinese company helped the Silicon Valley-based chip-maker develop Intel’s architecture-based CNN (Convolutional Neural Network) car model recognition algorithms. The firm also developed a deep learning video structure based on Intel’s Apollo Lake.
Intel Capital has made a number of investments in Chinese startups recently.
In May, Intel Capital invested in three Chinese tech startups, Reconova, Alauda, and Espressif Systems, as part of its 12 new technology investments worth $72 million. The amount invested in each startup was not disclosed.
ICE TECH last raised its undisclosed Series A round in May 2015 led by Dongchen Fund.