Vastai adds $77 million as it scales up for video-plus-AI
The Series A+ finance round brings the amount raised by the company, founded in December 2018, to about $127 million. The round was led by Matrix Partners China and China Internet Investment Fund, and joined by existing shareholders Redpoint China Ventures, 5Y Capital, SAIF Partners, Glory Ventures, Sirius Capital and Yuan Capital.
The company is looking to capitalize on the heavy use of video within 5G communications.
John Qian, founder and CEO of Vastai Technologies, said: “Today, with the further support of our new and existing shareholders, we look forward with full confidence to rapidly pushing our high-performance cloud-based AI-plus-video processing chips and complete solutions to multiple booming industries, and further driving the rapid development and breakthrough of AI applications.”
Vastai Technologies has R&D centers in Shanghai, Beijing and the Greater Toronto Area. The company has about 180 employees.
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