China Chip Startup Biren Seeking Funds at $2.7 Billion Valuation

Chip designer Shanghai Biren Intelligent Technology Co. is seeking to raise fresh funds at a valuation of about 17 billion yuan ($2.7 billion) to fuel its growth, according to people familiar with the matter.

Biren wants as much as 2 billion yuan and is working with advisers to gauge the interest of strategic and financial investors, the people said, asking not to be named as the matter is private. Discussions are ongoing and the fundraising target and valuation could still change, they said.