Moore Threads, a Chinese semiconductor player which provides graphics processing units , announced on Thursday that it has raked in 2 billion yuan ($313 million) in a Series A funding round.

The financing was jointly led by long-term backer Source Code Capital, state-backed Shanghai Guosheng Group, and BOC International’s Bohai Sheng (Hubei) Industrial Fund Management. The round also attracted nine investors including China Construction Bank’s CCB International, Qianhai FOF, and China Merchants Securities.

Moore Threads will invest the fresh capital in GPU chip development, and its mass production.

In February this year, Moore Threads had pocketed ‘billions of yuan’ in two rounds of financing from a portfolio of marquee investors including Sequoia Capital China, GGV Capital, Source Code Capital, and Shenzhen Capital Group. The round had pushed it into the unicorn club.

Late last year, the company had raised an undisclosed sum in an angel round from Source Code Capital, Sequoia Capital China, Wen Ming Investment, and home appliances player HeT.

According to global market intelligence firm IDC, China’s GPU market size will hit $6.4 billion by 2024, and it will clock a 27% compound annual growth rate (CAGR) in the next five years.

Within a year after its inception in 2020, Moore Threads rolled out its first-generation GPU product. GPUs are used to enhance graphic rendering in computing devices.

Moore Threads claims that it plans to apply its GPU technology to fields including robotics, autonomous driving, biocomputing, smart energy, and healthcare.

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