Horizon Robotics receives investment from Chinese automaker FAW

Chinese artificial intelligence chip company Horizon Robotics said it has received a strategic investment from Chinese automaker FAW Group Co Ltd.

The new funding, of which Horizon Robotics did not disclose the specific size, will be used to strengthen the research and development of pioneering technologies for automotive-grade AI chips, as well as to beef up its engineering capabilities.

Founded in Beijing in 2015, Horizon Robotics is a Chinese leader in developing automotive-grade AI computing platforms for intelligent vehicles. It was also the first Chinese company to commercialize autonomous driving processors.

Horizon Robotics currently employs over 2,000 people and over 70 percent of its staff work in engineering and R&D. The company's investors include Intel and SK Hynix, two of the world's top three semiconductor giants.

Some of its key investors also include large Chinese automotive groups such as SAIC, GAC, Dongfeng Motor, Great Wall Motors and BYD. Apart from those, it has received funding from prominent financial investors, including Baillie Gifford, 5Y Capital, Hillhouse Capital, Sequoia Capital, CPE Capital, IDG Capital and Yunfeng Capital.