SenseTime spinout Sunrise reportedly raises RMB2 billion at RMB20 billion valuation

Sunrise, an AI chipmaker spun out of SenseTime’s chip business, has reportedly raised RMB2 billion ($280 million) at a post-money valuation of about RMB20 billion. The reported financing would nearly double the company’s valuation from its previous round, according to a report published on Aug. The company is developing chips for AI inference, a market where Chinese technology companies are increasing efforts to build domestic alternatives for large-scale model deployment.