According to the message sources, startup Moore Threads last Thursday in the first round of fundraising (Series A) raised 2 billion yuan ($ 313 million). Prior to this, the company was supported by the so-called business angels, transferring to the developer in February 2021 “billions of yuan for the design and production of innovative graphics processors” – the company, created in October last year, became a dollar billionaire in record time.
Such startups with a fast take-off are usually called unicorns in the business environment. Without convincing evidence of the existence of promising developments, money, as a rule, will not be obtained. The founders of Moore Threads claim that they have mature GPU and GPGPU projects, although the general public is not yet aware of them. Everything we know about Moore Threads – the company was founded by veterans of NVIDIA, Microsoft, Intel, AMD, Arm and other companies with more than a decade of experience.
According to the company itself, it focuses on solutions for robotics, autonomous driving, biology, AI, machine learning and healthcare. In its first meaning, computer graphics are not of interest to the developers of Moore Threads. She is not alone in this. The vast majority of young Chinese GPU design companies are targeting BigData with AI, which, however, does not detract from the interest of investors and potential customers.
In a new round of fundraising, Moore Threads received core funding from Shanghai Guosheng Group and BOC International’s Bohai Sheng (Hubei) Industrial Fund Management. The round also attracted investors from CCB International, Qianhai FOF and China Merchants Securities. Prior to that, Sequoia Capital China, GGV Capital, Source Code Capital and Shenzhen Capital Group invested in Moore Threads. And the very first capital the company received from Source Code Capital, Sequoia Capital China, Wen Ming Investment and the player in the household appliances market HeT.
Separately, we note that Sequoia Capital China is the Chinese branch of the American Sequoia Capital, which is strictly prohibited from investing in Chinese high-tech. She is not seen participating in the new fundraising, but she is in no hurry to refuse the old ones. And how can she blame it if the same analysts at IDC predict the size of the GPU market in China by 2024 in the amount of $ 6.4 billion? At an average annual market growth of 27% in our time do not turn a blind eye. Whether or not Moore Threads makes sense, we’ll see soon. The first generation of chips is said to be in production and may soon be introduced.