Unicorn startup makes smart move into AI industry

Chinese chip startup Cambricon Technologies has raised $100 million from investors, making it the first "unicorn" in the country's AI semiconductor sector to be worth move than $1 billion.

Backed by Alibaba Group Holding Ltd, the Beijing-based company is affiliated to the Chinese Academy of Sciences, or CAS, and has focused on advanced chips to power deep learning computation.

This popular artificial intelligence algorithm is part of a broader push by the country's high-tech industries in the race for AI applications - the next frontier of innovation.