Intellifusion computes $141m

Tsinghua University’s investment arm, Tsinghua Holdings, has backed a funding round for China-based artificial intelligence (AI) technology developer Intellifusion that raised almost RMB1bn ($141m), China Money Network reported on Friday.
Utrust VC, Forebright Capital and Walden International co-led the round, which also featured financial services firms Bocom International and China Construction Bank, the latter through its subsidiary CCB International.
BOC & Trust Private Equity Fund, a vehicle linked to financial services firm Bank of China, also took part, as did Topping Capital, HCSD Capital, Sino-US Venture Capital and Sirius Capital.
Founded in 2014, Intellifusion has created an AI technology platform that consists of hardware and software tailored to computer vision applications. It focuses on areas such as public safety, social governance and the internet of things.
Intellifusion’s offering is underpinned by a specialised AI processing chip and a catalogue of machine learning algorithms. It has supplied AI-driven disease prevention control systems during the coronavirus crisis.
The funding will support its marketing efforts while also driving research around AI algorithms, chips, big data and scenario planning.
Intellifusion raised a nine-figure renminbi (RMB100m = $14.9m) sum in a March 2019 series B round that included the international-focused divisions of Bank of China and another financial services firm, China Citic Bank, according to China Money Network.
Municipal government-owned agency Assets Supervision and Administration Commission also participated, following an eight-digit renminbi series A round for Intellifusion in 2017 with undisclosed investors, and an undisclosed angel sum from ZhenFund in 2015.
Walden International backed the latest round as an existing investor. Intellifusion’s other early backers include  Hongxiu Yingxin, Green Pine Capital Partners and TopoScend Capital, according to Chinese startup database IT Juzi.