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Investment Update : West Fountain Parallel Fund invested in Series E of Wave Computing


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In November 2018, West Fountain Global Fund LP ("West Fountain"), an offshore parallel fund of West Fountain Parallel Fund, and Shenzhen Capital Group Company, Ltd. (“SCGC”) completed a Series E investment in Wave Computing, Inc. ("Wave Computing"). West Fountain and SCGC also participated in Wave Computing's Series D financing last March.

Founded in 2010, Wave Computing is a highly regarded leader in AI computing. Its core product, the Data Stream Processor Unit (DPU), uses a non-von Neumann architecture with a software dynamic reconfigurable processor CGRA (Coarse grain reconfigurable array/accelerator) technology for large-scale asynchronous parallel computing problems.

The main advantage of Wave Computing is that it allows hardware to be adapted more flexibly to software, achieving a good balance of programmability (or generality) and performance, lowering the barrier to AI chip development and not being affected by memory bottlenecks in accelerators such as GPUs. The original CGRA and Data Flow computing are becoming a revolutionary processor architecture in AI computing. It aims to transform traditional AI computing through a range of products based on the Data Flow architecture.

With the participation of West Fountain and SCGC in its Series D funding round in March 2017, Wave Computing acquired MIPS to provide complete data processing support for artificial intelligence computing by combining MIPS’ multi-threaded CPU IP cores with its data flow architecture. MIPS is a well-known industry supplier of IP processor architectures and IP cores. Its IP licensing is widely used in consumer entertainment, home network facilities, LTE modem and embedded applications. MIPS also plays a central role in IoT devices, advanced driving assistance systems (ADAS) and emerging smart applications including self-driving cars.

Shenzhen Qianhai West Fountain Limited‘s China Parallel Fund (henceforth referred to as "Wan Rong Hong Tu") and the offshore West Fountain Global Fund LP (henceforth referred to as "West Fountain") constitute a parallel fund. It is an RMB-USD parallel fund (henceforth referred to as "West Fountain Parallel Fund") established and managed by SCGC. With a total AUM equivalent to approximately 4 billion RMB, West Fountain Parallel Fund is actively engaged in venture capital investment in domestic and overseas high-tech enterprises and cross-border mergers and acquisitions