Baidu’s Chip Affiliate Eyes Fundraise at $2.5 Billion Valuation
- Kunlun is in talks to raise $317 million in new funding round
- VCs chase deeptech startups as Beijing adjusts tech strategy
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Baidu Inc.’s chip affiliate is looking to raise 2 billion yuan ($317 million) in a new funding round, people familiar with the matter said, as venture capitalists in China shift away from internet businesses and hone in on core technologies like semiconductors, favored by Beijing.
Kunlun is in advanced talks with investors for its second fundraising round, said the people, who asked not to be identified as the information is private. The investment, if finalized, would lift the Beijing-based startup’s valuation to as much as 17 billion yuan ($2.5 billion), one of the people said, up from 13 billion yuan at its first funding round a little over a year ago.