AI firms announce new rounds of financing

Three artificial intelligence firms announced new rounds of financing this week, covering sectors including digital transformation and autonomous driving. 

Shanghai-based Cardinal Operations, with core technologies in decision-making, said it is to raise 200 million yuan (US$31 million) from BOC International and Tianren Investment.

Founded in 2016, Cardinal helps firms optimize processes in manufacturing, logistics, warehouses and sales with AI technology. 

Shanghai-based Hesai, a market leader in 3D-sensors (Lidar), said it is raising US$300 million, with major investors including Xiaomi and Meituan. Founded in 2014, Hesai's 3D laser sensing technology can be used in autonomous driving and robotics applications. 

Shanghai, the venue for next month's World Artificial Intelligence Conference (WAIC), the country's top AI event, has set AI as one of the city's major strategic industries. 

On Tuesday, Shenzhen-based AI platform Zhuiyi Technology said it had secured funding of "several hundred million yuan," with investors led by the China Internet Investment Fund and China Mobile, and participation from current investors 5Y Capital and Gaorong Capital.

Founded in 2016 by a group of Tencent veterans, Zhuiyi has more than 300 leading enterprise clients including China Merchants Bank, AIA Insurance, China Mobile and Trip,com.