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Canaan Receives 300 Million CNY in Serious A Funding and Plans to Release AI ASIC in 2017

AVALONIt is reported that Canaan Creative received 300 million yuan in serious A funding on May 3 led by Baopu Asset, JinJiang Group and Tunlan Investment. After the ¥300 million of fundraising, Canaan now worth 3.3 billion CNY.

Founded in 2013, Canaan Creative, known simply as Canaan, is a worldwide leader in producing Blockchain servers and designing ASIC microprocessor solutions.

N.G.ZhangThe Beijing-based company was founded by  N.G. ZHANG who invented the world’s first bitcoin mining hardware product named Icarus using FPGA technology(field-programmable gate array )in November 2011. And upon the release of Icarus, he started the Avalon Project as the brand to launch bitcoin mining hardware and Avalon ASIC semiconductors.

Later in May 2012, N.G.Zhang designed the second FPGA-based mining hardware named Lancelot.

In 2017 , the company is going to mass produce the first artificial intelligence ASIC, or KPU. The TSMC-based chip will be space-saving and power-efficient. Integrated with artificial neural network and a high-performance processor, the new chip can work in a heterogeneous network, providing real-time and offline personalized services. New chips are currently designed for such scenarios as smart home, self-driving, speech processing and motion control

An insider revealed that Canaan has already started a series B round of financing and is preparing for an IPO.

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