Samsung, Ant Financial back China’s DeePhi Tech
Samsung Electronics and Ant Financial have jointly led a $40 million extended Series A round for DeePhi Tech, a Chinese artificial intelligence (AI) technology developer. China Merchants Venture Capital and China Growth Capital also took part.
This follows an initial Series A of $10 million in May, provided by Sigma Square Capital, Tsinghua Holdings, US-based Xilinx and Taiwan’s MediaTek, as well as existing investors Banyan Capital and GSR Ventures.
DeePhi Tech was founded in 2016 by four graduates of Tsinghua University and Stanford University. The company offers a deep learning software development kit – designed as a built-in framework - that aims to simplify and accelerate deep learning applications in AI products and services.
The new capital will be used to develop cybersecurity and big data products and services, as well as for branding and marketing.
The partnership with Ant Financial will also allow DeePhi Tech to apply its technology to online payment services, while it will work with Samsung on developing AI-chipsets with high operational efficiency, Song Yao, the company's CEO, told local media.
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