The size of the investment was not disclosed but is said to have brought the total raised by the company to close to $100 million. Prophesee raised $28 million in 2019 which brought the amount raised by the company at that time to $68 million (see Prophesee plans sensor to address automotive, consumer markets ).
Sinovation Ventures is a leading investor in artificial intelligence founded by AI expert Kai-Fu Lee. Xiaomi is a multinational electronics company headquartered in Beijing, China, best known for its smartphones. Will Semiconductor is the parent of the world's third largest CMOS image sensor vendor Omnivision Technologies Inc. (see Sony loses image sensor market share to Samsung ) and is investing via Inno-Chip VC.
Prophesee said it would use the money to expand its global footprint and strengthen its presence in the Chinese market.
Previous investors include 360 Capital Partners, European Investment Bank, iBionext, Intel Capital, Renault Group, Robert Bosch Venture Capital and Supernova Invest.
Sinovation has invested in several successful AI unicorns including Momenta, WeRide, AInnovation, 4Paradigm, Horizon Robotics and others has more than $2.5 billion under management. This is the first investment by the fund in a European company as it primarily invests in the China market.
"This round of funding takes us another step closer to establishing Prophesee as a clear leader in applying neuromorphic methods to machine vision and AI. The commitment from these new partners is a strategic part of our evolution and growth plan that will give us expanded global access to customers, particularly in China, for our revolutionary event-based vision sensing and processing approach," said Luca Verre, CEO and founder of Prophesee, in a statement.
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