SHANGHAI, CHINA, November 30, 2020 – Vastai Technologies (Shanghai) Inc., (hereafter called “Vastai Technologies” or “Vastai”), a high-performance intelligent vision chip design and total solution provider, today announced the closing of a $50 million Series A round of financing, led by Kuaishou, Redpoint China Ventures, 5Y Capital (formerly Morningside Venture Capital), with SAIF Partners and all existing shareholders (including Zhen Fund, Sirius Capital and Glory Ventures) as followers. This round of financing will be used to scale up the production of the company's main chip products, further expand the R&D team and accelerate the acquisition of global customers.
Founded in Shanghai in December 2018, Vastai Technologies' core staff comes from the world's top high-tech companies, with an average of more than 15 years of experience in chip and software design sectors. Vastai Technologies focuses on the optimization of artificial intelligence (“AI”) computing, computer vision and video processing, providing a wide range of features with efficient performance-to-power ratio for a variety of AI applications, with products covering edge-to-cloud server markets. Vastai Technologies is committed to becoming one of the leading chip companies in the world, enabling AI innovation and applications by providing high performance computing power.
“We are very grateful for the support and trust from all of our new and existing shareholders,” said John Qian, Founder and CEO of Vastai Technologies, “The development and application of new technologies such as artificial intelligence, 5G, ultra-high definition video, live streaming, short video and video conferencing require significant processing power. Vastai Technologies is devoted to developing high-performance intelligent vision chips that significantly enhance real-time intelligence and provide exceptional visual experiences from the edge to the cloud, improve everyday life and accelerate the intelligent vision of the future. Vastai Technologies is keen to grow together with our partners and customers, and to become a benchmark semiconductor company in China and one of the global leaders in fabless chip design sector."
"The implementation of AI in important applications such as live streaming, short video, searching, e-commerce, voice interaction, etc., further drives the development of the cloud-based inference chip market.” said the representative of Redpoint China Ventures, “NVIDIA T4 chip shipments increased 4 times year-over-year in 4Q2019, confirming that this trend is still accelerating. The barrier for the cloud AI inference chips is high due to the need for holistic consideration of numerous metrics such as power, performance, and latency. The Vastai Technologies team comes from world's best chip design companies, with sophisticated hardware and software design capabilities and mass production experience, and has the ability to create a leading cloud inference chip. At the same time, this round of strategic investment and future resource synergies with Kuaishou will help Vastai Technologies to get closer to the immediate needs of its customers and further facilitate the commercialization of its products. We are very excited and confident about the future growth of the Vastai Technologies team."
Levi Liu, Partner at 5Y Capital, said, "First of all, congratulations to the team at Vastai Technologies, as it's not easy to close two consecutive rounds of funding this year. The team's vision for AI chip applications is gaining more and more recognition, and the financing under the current economic circumstances is a testament to the team's superb execution. 5Y Capital has established contact with the team since their startup. Over the past year, we have witnessed the team’s deep understanding of the customer needs, forward thinking in technical architecture, and strong commercial capabilities in the industry. As AI transitions from algorithmic models at research labs to infrastructure-level applications in a variety of industries, the ability to host software algorithms on hardware is becoming more and more common, and Vastai Technologies was born out of this vision. We believe that Vastai Technologies has the opportunity to be the leading chip company in the AI 2.0 wave, with far-reaching industry impact and tremendous business value."
"The proliferation of data dimensions and volumes is driving the massive construction of AI infrastructure, and the demand for server-side AI chips is growing rapidly.” said Jacky Jiang, Partner at SAIF Partners, “with significant advantages over existing architectures in the market, Vastai Technologies' chip products are clearly differentiated and able to create significant barriers to entry in verticals such as Internet live streaming and video. At the same time, the team has more than ten years of experience in the chip industry, especially in server-side processor tape-out and R&D management, which is the cornerstone of their continuous innovation in this field."
About Vastai Technologies
Founded in December 2018, Vastai Technologies’ mission is to provide high performance intelligent vision processing semiconductors that improve everyday life with abundant visual details and real-time intelligence. Vastai Technologies has R&D centers in Shanghai, Beijing and the Greater Toronto area. With more than 120 top engineers and growing every day, Vastai Technologies is dedicated to becoming one of the leading chip design companies in the world.