US Chipmaker Intel Invests In 12 AI Startups, Including Three Chinese Firms

Venture arm of US Intel Corp., the world's second-largest microchip maker, has invested in Shanghai-based semiconductor firm Espressif Systems Pte., as well as two other Chinese artificial intelligence firms "who are shaping the future of AI." California-based Intel Capital will invest CNY458.9 million (USD72 million) in 12 innovative companies, and three of them are Chinese, the firm said at Intel Capital Global Summit 2018 held on May 8-10. The two other companies are Beijing-based cloud platform provider Alauda Inc. and Xiamen-based facial recognition software firm Reconova Technologies Co. Intel did not disclose the specific amount of investments. "These new startups who are shaping the future of AI, cloud computing, the Internet of Things (IOT), and chip technologies, are demonstrating Intel's development strategies centering on data, said Wendell Brooks, the senior vice president of Intel, as well as the president of Intel Capital, adding, "As the world is becoming increasingly interconnected, these technological fields will play a vital role." This funding batch reflects Intel Capital's new strategy to invest bigger amounts in startups that engage in such areas as AI, IOT, and cloud computing, where the US firm hopes its processors will play a central role in future.