Vastai Technologies, a Chinese high-performance intelligent chip designer and full-stack solutions provider, has secured $50 million in a Series A round of financing, according to a statement on Monday.
The transaction was jointly led by Chinese video-sharing app Kuaishou; Redpoint China Ventures, which invests in early-stage TMT startups in the consumer Internet and enterprise IT space; and 5Y Capital (formerly Morningside Venture Capital).
Existing investors Glory Ventures, which focuses on the new-generation IT industry; Beijing-based angel investor ZhenFund; and Chinese early-stage technology investment firm Sirius Capital participated in the round.
Vastai was set up in December 2018 in Shanghai by John Qian, a former executive at US-based technology conglomerate Cisco and semiconductor giant AMD, and Louis Zhang, who previously led AMD’s video-related technical development.
The firm is mainly involved in the R&D of AI and computer vision-based application-specific integrated circuits (ASICs) and software platforms. It creates intelligent applications for clients in the fields of smart city, smart surveillance, intelligent education, and healthcare, among others.
Vastai’s products focus on the optimisation of computer vision and video processing, providing multiple features and high-efficient power for AI-based areas, covering edge to cloud, systems on a chip (SoCs), and servers.
“The development and application of new technologies like AI, 5G, ultra-high-definition videos, live streaming, short videos, and video conferencing all require the support of strong computing power,” said Qian in the statement.
Proceeds of the Series A round will be used to finance the large-scale production & commercialisation of its major chip products, to fund R&D talents’ recruitment, and to speed up its expansion of global clients.