China has made boosting self-sufficiency as well as research and development into semiconductors a top priority, prompting tech giants to invest into chips.
Food delivery giant Meituan is the latest big technology company to invest in a chip company with its backing of Axera.
Axera's products are focused on AI chips for the field of computer vision. This relates to the way that computers can analyze and process large amounts of images and could be used in areas such as facial recognition. But this requires large amounts of computing power that can be aided by specialized computer vision chips.
The start-up has launched two chips since it was founded in May 2019. Axera says that its chips can be used in applications such as so-called smart cities and smart homes. The new funding will be put toward hiring talent and expanding the company's business, Axera said.
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