Moffett AI Secures Additional Funding for Sparse Computing

Moxin Artificial Intelligence Technology (Shanghai) Co. Ltd., also known as Moffett AI or Ink Core, has recently made headlines by successfully closing two rounds of financing, each valued at hundreds of million yuan. With 100 million yuan roughly equivalent to US$14 million, this achievement signifies a substantial funding raise exceeding US$50 million.

Established in 2018, Moffett AI has emerged as a key player in China's AI landscape, focusing on sparse computing, a technique that eliminates unnecessary algorithmic complexity before computation. The company's double-sparse algorithm boasts over 30 patents worldwide, showcasing its innovative approach to AI development.

The Series A+ and Series B funding rounds were completed within a span of six months, Moffett AI revealed. Notably, the Series B round was spearheaded by Ant Group, an affiliate of Alibaba Group renowned for operating the world's largest mobile payment platform, Alipay.

According to Moffett, the capital raised from these financing rounds will be allocated towards advancing the research and development of the company's second-generation 'Antoum' AI processor, expanding its market presence, and establishing a robust sparse computing ecosystem.

Originally founded in Silicon Valley before relocating its headquarters to Shenzhen, Moffett AI aims to enhance the development of a comprehensive sparse neural network architecture by optimizing computing models and offering a versatile AI computing platform.