Chinese Chipmaker SpacemiT Gets $86 Million in Fresh Funding

Chinese chip company SpacemiT raised more than 600 million yuan ($86 million) in a fresh funding round to speed up commercialization of its products and expand its business.

Huaxia Hengtian Capital Management Co. invested in the series B funding round, Hangzhou-based SpacemiT said in a statement Thursday. Beijing Artificial Intelligence Industry Investment Fund, the investment arm of Agricultural Bank of China Ltd., Lenovo Group Ltd. and Brizan Ventures also joined.