Chip startup SiMa raises $70 million to quicken AI on cars and robots

Silicon Valley chip startup SiMa.ai raised $70 million in a funding round led by Maverick Capital to develop chips designed to speed up AI applications within everyday consumer devices from cameras to cars.

Point72 and Jericho joined the venture firm in the financing along with existing backers Amplify Partners, Dell Technologies Capital and Fidelity Management. The San Jose firm, which has now raised $270 million in total, designs processors that aim to help devices understand what they see or hear in the world and then convert that data into text, speech or video content.