AI startup Megvii sees Alibaba join $600mn investment
The Chinese creator of facial recognition system Face ++, Megvii, is anticipated to be raising at least $600mn from investors such as the Alibaba Group and Boyu Capital, according to Bloomberg.
It is believed that Megvii will put forward a substantial amount of the funding towards supporting retail initiatives, as well as utilising technology in unmanned stores.
It has been confirmed that the Beijing-based company will close this round of funding within weeks.
Megvii, who holds billionaire Jack Ma as an investor, will commence a second round of funding when the first draws to a close.
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The firm offers face-scanning systems to organisations and rivals with Alibaba-backed startup SenseTime in sectors such as retail, finance and public security that could benefit from the software.
E-commerce company, Alibaba, has been increasing its investments in China’s biggest intelligence startups with the aim of utilising the technology across its retail territory.
Discussions are also underway for four-year old AI startup, SenseTime, to raise $1bn from Softbank Group’s Vision Fund.
Megvii and Alibaba opted against commenting on the news.