Alibaba-Backed Facial Recognition Startup Megvii Raises $750 Million

One of China’s most ambitious artificial intelligence startups, Megvii, more commonly known for its facial recognition brand Face++, announced Wednesday that it has raised $750 million in a Series E funding round.

Founded by three graduates from the prestigious Tsinghua University  in China, the eight-year-old company specializes in applying its computer vision solutions to a range of use cases such as public security and mobile payment. It competes with its fast-growing Chinese peers, including the world’s most valuable AI startup, SenseTime — also funded by Alibaba — and Sequoia-backed Yitu.

Bloomberg reported in January that Megvii was mulling to raise up to $1 billion through an initial public offering in Hong Kong. The new capital injection lifts the company’s valuation to just north of $4 billion as it gears up for its IPO later this year, sources told Reuters. READ MORE ON: TECH CRUNCH

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BusinessYusra Hamid