Black Sesame Technologies (Shanghai) Co., Ltd, an artificial intelligence (AI)-enabled digital imaging technology developer, has raised nearly $100 million Series B round led by SL Capital, a semiconductor-focused fund backed by Legend Capital, according to an announcement.
The round was joined by Chinese state-owned automaker SAIC Motor; SK China, an affiliate of South Korean conglomerate SK Group; investment firm China Merchants Capital; Delta Capital; and FengHe Fund Management.
Northern Light Venture Capital (NLVC), an existing Black Sesame backer, also invested in the new round.
The funding raised will be used for product development, software integration and accelerate production, the firm said.
Founded in 2016, Black Sesame Technologies provides solutions for image processing and computing images, as well as embedded sensing platforms. The firm specializes in algorithms for smartphones, autonomous driving, and other consumer electronics.
Last year, it raised Series A funding round led by NIO Capital, the investment firm backed by Chinese electric-vehicle startup NIO.
Legend Capital, which has total assets under management worth 400 billion yuan, is a venture capital subsidiary of Legend Holdings and targets early-stage and expansion-stage investments. The venture capital firm has raised about seven US dollar-denominated funds and four RMB funds.
The Beijing-headquartered venture capital firm had recently led a 200 million yuan ($29 million) Series A funding round for Chinese drug developer Sciwind Biosciences, which is focused on treating metabolic disorders.