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Business
SenseTime eyes USD 2 bln funding round this year
CKN
2019/01/11 07:46:49
2,410
China's News, China's Financial News,SenseTime

Jan 11, 2019 (China Knowledge) - Chinese artificial intelligence (AI) startup SenseTime Group will be looking to raise about USD 2 billion in a new funding round this year.

The company which was valued at USD 4.5 billion after a funding round in May last year where it raised USD 1.2 billion is also the world’s most valuable AI startup. Investors of the company include, Alibaba Group, Fidelity International, Silver Lake Partners and Hopu Capital.

Preparations for the latest funding round are still in its preliminary stage with no concrete details confirmed yet and still subject to possible changes.

SenseTime specializes in facial recognition technology and is working on large scale implementation of the technology for policing bodies, retailers and healthcare researches in China as well as internationally.

The company claims to have seen a growth of more than 400% in recent year as more industries and companies start to adopt its technologies. According to SenseTime, some of its customers include Chinese electronics retailer Suning which uses its technology for its store cameras and Honda for its driverless cars.

AI is currently on a rapid growth in China as the government strives to become a world-leader in the technology that has been touted to revolutionize industries and businesses by 2030.

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