VastaiTech Completes $251 Million in B1 and B2 Rounds of Financing

VastaiTech, a high-end chip design unicorn, announced on Monday that its B1 and B2 rounds of financing have been completed, totaling 1.6 billion yuan ($251 million) and jointly led by Alibaba Group, Matrix Partners, PICC Venture Capital and 5Y Capital, followed by Mirae Asset, CoStone Capital, Redpoint China Ventures and others.

After this financing, VastaiTech will continue to improve its product matrix, including the large-scale landing of SV100 series products in domestic and foreign markets, increased investment in the R&D of graphics GPU products, and will begin to lay out other intelligent product lines.

VastaiTech was established in Shanghai in December 2018, focusing on R&D of high-performance acceleration chips for a variety of deep learning reasoning, and provide heterogeneous computing performance with low latency for application scenarios such as computer vision, intelligent video processing and natural language processing.

VastaiTech is headquartered in Shanghai and has research branches in Beijing, Shenzhen and Toronto. The core employees of the company come from the world’s top high-tech companies, with an average of more than 15 years of chip and software design experience.

“In 2021, with the rapid development of live streaming, short video, computer vision, natural language processing, cloud games, cloud desktop, metaverse, etc., the demand for computing power in data centers is increasing. Customers have higher expectations for chips, hardware, software and other aspects. VastaiTech will continue to extend its product lines and further expand its leading edge in the industry,” said Qian Jun, founder and CEO of VastaiTech.

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Shu Wanting, head of the investment department of PICC Equity Investment Company, said: “The first chip of VastaiTech focuses on AI acceleration and video processing, which can greatly reduce the total cost of ownership of internet companies’ data centers, effectively solve the pain points of online video manufacturers.”