Intel Capital leads Series B round in Chinese AI startup ICE TECH

FILE PHOTO: An Intel logo is seen at the company's offices in Petah Tikva, near Tel Aviv, Israel, October 24, 2011. REUTERS/Nir Elias/File Photo

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.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.