Chinese search giant Baidu Inc has revealed that its artificial intelligence chip unit Kunlun recently completed a round of fundraising.
According to sources with direct knowledge of the matter, the funding round values the business at about $2 billion.
The fundraising, which comes as the company pushes forward with AI chip design and manufacturing ambitions, was led by Chinese private equity firm CITIC Private Equity Funds Management (CPE).
Other investors include IDG Capital, Legend Capital and an industry fund Oriza Hua.
Kunlun chips are currently used mostly by Baidu on smart electric vehicles and cloud computing.
A source claimed that Baidu is considering commercializing its AI chip design capabilities, with the aim of making the Kunlun unit a standalone company.
Baidu also operates another chip unit called Honghu.