AI Chip Startup Kneron Seeks Funds at $1 Billion Valuation
Artificial intelligence chip startup Kneron Inc. is in talks to raise $300 million in its latest funding round, according to two people with knowledge of the matter. This could value the Taiwanese-American company at about $1 billion.
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AI Chip Startup Kneron Seeks Funds at $1 Billion Valuation. The company targets Nasdaq listing in 2025 through SPAC vehicle#startup #AI https://t.co/HPwH5oiupS
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The company targets Nasdaq listing in 2025 through SPAC vehicle
According to an investor presentation seen by Bloomberg News, Kneron wants to use the funds for product innovation and expansion, including opening a regional office in Saudi Arabia. Eventually, it wants to build a research and development lab there, the people said, asking to remain anonymous describing private negotiations.
It was unclear who would participate in the latest funding round or how much was secured. Kneron has previously received funding from Qualcomm Ventures, Sequoia Capital China (now known as HongShan),
This is expected to be Kneron’s last funding round before going public, according to the presentation, which it plans to show during an Investor Day hosted under Saudi Arabia’s National Semiconductor Hub on Wednesday. Its listing is tentatively slated for 2025.
Kneron signed a non-binding letter of intent to list on the Nasdaq through a special purpose acquisition company, Spark I Acquisition Corp., which is sponsored by one of its investors SparkLabs Group, according to a US securities filing on Monday
