China AI chip firm Biren raises new funds, plans Hong Kong IPO

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Here’s a structured summary of the information provided about Biren Technology:

Company Overview

  • Startup: Biren Technology
  • Founded: 2019
  • Co-Founders:
    • Zhang Wen (former president at SenseTime)
    • Jiao Guofang (previously at Qualcomm and Huawei)

Recent Funding Round

  • Amount Raised: Approximately 1.5 billion yuan (~$207 million)
  • Date of Funding Round: 2023
  • Valuation Prior to Funding: Approximately 14 billion yuan

Investors

  • Lead Investors:
    • State-linked investors
  • Participants:
    • State-backed fund from Guangdong province
    • State-backed fund from Shanghai government

Fundraise Details

  • Series: Not specifically mentioned (likely a later-stage funding round)
  • Use of Funds: Preparing for a Hong Kong IPO

IPO Information

  • Location: Hong Kong
  • Expected Filing Date: Third quarter of 2023 (potentially August)

Market Context

  • Focus on developing domestic semiconductor capabilities amidst U.S. export restrictions.
  • Market for domestic GPUs projected by investment bank Morgan Stanley to reach 287 billion yuan by 2027.

Challenges & Competition

  • Biren was added to the U.S. ‘Entity List’ in 2023.
  • Competes with other Chinese AI chip companies like Huawei, Enflame, and Metax.
  • Notable partners include China Mobile, China Telecom, ZTE, and Shanghai AI Laboratory.

Financial Performance

  • Recorded sales of 400 million yuan in 2024, facing ongoing losses.

Key Products

  • BR100 chip, claimed performance comparable to Nvidia’s H100 AI processor.

This summary provides an organized view of Biren Technology’s recent activities, key players, and the broader market and competitive context.

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2025-06-26 09:26:38