The company is working with consultants to raise up to $314 million.

Shanghai Biren Intelligent Technology Co., a chip maker, is looking to raise around 17 billion yuan ($2.7 billion) in additional financing to help it expand.

Biren is looking for up to 2 billion yuan and is engaging with advisors to analyze strategic and financial investor interest. “We cannot comment on the terms of the deal since we are in the process of obtaining financing,” the business said.

Startup raises 4.7 billion yuan in 18 months

Biren, which was launched in 2019, specializes in GPUs, cloud computing, and integrated solutions.

China is putting its faith in firms like these in order to become a chipmaker and minimize its reliance on US technology.

IDG Capital, GL Ventures, Ping An Insurance Group Co., and Chaina Medchants Capital helped the business fund 4.7 billion yuan in 18 months.

According to YunSilicon’s website, Biren became one of the company’s top angel investors in October. YunSilicon is a Shanghai-based company that creates network chips for cloud data centers.