NOVAUTO nabs hundreds of millions of yuan in Pre-B financing

Beijing (Gasgoo)- On May 9, NOVAUTO announced the completion of Pre-B round financing, which raised for the company hundreds of millions of yuan.

Investors of this financing round include Zhongan Capital, a scientific innovation fund set up by Wuxi city’s Liangxi district, Longding Capital, Tianzhi Investment, Shaanxi Automobile’s intelligent automobile fund, and iFLYTEK Venture Capital.

NOVAUTO said that the funds from this round will be used to develop a new generation of large model inference chips, expand existing revenue streams, and further expand industry partnerships.

NOVAUTO is a provider of edge artificial intelligence (AI) chips, offering high-efficiency computing solutions with AI computing chips at its core for various edge intelligence scenarios. The company aims to become a leader in edge AGI computing.

Its products have been widely deployed in important customers in the intelligent driving, smart power, smart mining, and other fields, achieving tens of millions of yuan in revenue in 2023.