China’s cloud artificial intelligence-training platform Enflame Technology, backed by Tencent, raised RMB 700 million ($98.6 million) in Series B funding led by private equity firm SummitView Capital, the company announced Thursday.
Founded in March 2018, Enflame focuses on deep learning high-end chips developed for cloud data centers and provides neural network solutions for artificial intelligence. The company launched its first product, CloudBlazer, an AI accelerator with power-efficient data processing in December 2019.
Enflame said that proceeds from this round will be used to scale its business, expand its tech support team with talents and promote mass production of its products. It also plans to enhance research and development of its second-generation cloud-based AI training products.
Zhao Lidong, co-founder and CEO of Enflame, said in a statement that his team has understood the importance of commercialization since Enflame’s inception and the company seeks to become a reliable supplier of AI cloud computing solutions in China, reducing the country’s reliance on tech imports.
China has ramped up efforts to develop artificial intelligence in recent years as the government set goals to become a forerunner in technology by 2030. Enflame’s new financial move will inject momentum into China’s ambition to compete with the United States.