Nov 28, 2018 (China Knowledge) - Chinese artificial intelligence (AI) startup Aibee Beijing Intelligent Technology has not only successfully raised USD 60 million in its latest funding round but has also managed to poach the former head of an Alibaba research unit.
Aibee is currently focusing on developing a range of AI technologies such as computer vision, speech recognition, image identification and big data analysis. The company was founded by a former head of research at search engine giant Baidu and has managed to raise USD 100 million in one year since its founding.
Its latest funding was led by Red Star Macalline Group and Sequoia Capital China, other investors included Lenovo Capital, Hecai Fund and China Renaissance.
Apart from its latest funding, the company also managed to recruit Zhu Shenghuo, former head of Alibaba's Discovery, Adventure, Momentum and Outlook (DAMO) unit to lead the research and development of its machine learning segment.
Aibee's technologies are targeted at helping retailers to improve operating efficiency and reduce costs. The company has already started to make headway into the retail sector by partnering up with investor Red Star.
Red Star currently operates 267 furniture malls in China and will be looking to use Aibee's technologies to make improvements in its business.
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