The Chinese company Black Sesame Technologies, which develops processors for artificial intelligence-based self-driving systems, said its valuation was close to $ 2 billion after attracting hundreds of millions of dollars from several investors, including Xiaomi. The new capital was raised through strategic investments and two tranches of Series C capital injections.
Key investors include Hubei Xiaomi Yangtze River Industry Fund, Wingtech Technology, which collects smartphones for leading brands including Xiaomi, and smart vehicle manufacturer FulScience, a joint venture between Chinese car companies FAW Group, Fawer Automotive Parts, and Huizhou Desay SV Automotive.
Xiaomi's investment is part of a roadmap launched at the end of March to enter the automotive sector with a new smart electric vehicle business.
Founded in 2016, Black Sesame specializes in single-chip systems that provide imaging and sensing capabilities for self-driving cars. The company has already released two series of AI processors to date and is supplying Level 2 and 3 personalized enhanced driver assistance systems and self-driving solutions to companies such as Robert Bosch, SAIC Motor, and BYD.