More Big Money for China's SenseTime

SenseTime Group Ltd, a Chinese firm developing facial recognition technology, has raised $620m in a new funding round - similar in size to another round completed less than two months ago, and valuing the company at more than $4.5bn.

In a statement reported on www.nasdaq.com , the firm said the latest round was led by Fidelity International, Hopu Capital, Silver Lake and Tiger Global. Existing investor Qualcomm Ventures also participated. SenseTime, which is based in Hong Kong and Beijing and achieved a profit for the first time in 2017, said the money would fund further R&D, as well as recruitment.

The firm's technology uses AI to identify individuals rapidly from camera images. In addition to commercial applications, it has been used by Chinese authorities to track and apprehend suspects in public spaces.

The previous round of funding was led by eCommerce giant Alibaba, with whom the firm has since opened an AI laboratory in Hong Kong. In april, company CEO and co-founder Li Xu said the investment would accelerate the development of a global footprint with both domestic and overseas partners.

Web site: www.sensetime.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.