Huami Backs SF Tech Startup SiFive; Stock Jumps 5%
Shares in Huami Corp. (NYSE: HMI) soared nearly 5 percent Friday, closing at $8.67 apiece, on news that it has invested in the latest round of fundraising in SiFive, a provider of commercial RISC-V processor IP.
SiFive raised $65.4 million in a Series D round,
Huami joined Sutter Hill Ventures, Chengwei Capital, Spark Capital, Osage University Partners, and Qualcomm Ventures LLC, as investors in a $65.4 million Series D fundraising for San Francisco-based SiFive. To date, SiFive has attracted more than $125 million in outside investments.
This round of investment will further enable and accelerate SiFive's global expansion and technology development, the company said in its announcement today. With 400 employees, SiFive operates in 15 locations globally.
Huami has been working with open-source hardware instruction set architecture RISC-V (risk-five) in the chip field for some time. In April 2018, the Chinese technology maker backed SiFive together with Intel Corp. and West Corp.
The funds will be used to further expand the layout and accumulation of RISC-V Internet of Things ecology and artificial intelligence technology, and continue to deepen the potential of this market, so as to promote the application of RISC-V in wireless connection, IoT control, AI computing, medical health and other fields, as well as the future layout in 5G field, according to Chinese media.
Huami sells smart wearable devices under the brands Mi and Amazfit. The company has accumulated the largest biometric and sports database in human history, according to its statement.
Huami reported strong first quarter financials earlier this week, with boosted revenue and profit.