Chinese AI chip company Biren Technology has raised funds in a round led by a state-owned investment fund in Shanghai. The company is valued at US$2.2 billion, according to the 2024 Hurun Global Unicorn List.

The funding was secured through a private equity entity under Shanghai State-owned Capital Investment (SSCI). While the investment size was not disclosed, other investors also participated.

This marks the first investment by an AI industry-specific “fund of funds” under SSCI’s private equity arm, aiming to support China’s domestic AI chip ecosystem.

Biren Technology competes with Nvidia and is reportedly preparing for an initial public offering in China.