Alibaba Joins $600 Million Round for AI Startup Megvii– Bloomberg

What happened: Megvii Inc., the Chinese developer of facial recognition system Face++, reportedly raising at least $600 million from investors including Alibaba Group and Boyu Capital. Face++ offers face-scanning systems to companies including Lenovo and Ant Financial, etc.

Why it’s important: AI startups become the new darlings of Chinese investors who are ramping up their investments in deep tech companies. Megvii’s massive round comes shortly after a $620 million C round of another Alibaba-backed computer vision startup SenseTime. Its rival Yitu has just secured a $100 million funding. The emerging unicorns are competing in sectors such as retail, finance and smartphone and public security that could utilize facial recognition.

Emma Lee

Emma Lee (Li Xin) was TechNode's e-commerce and new retail reporter until June 2022, when she moved to Sixth Tone to cover technology and consumption. Get in touch with her via lixin@sixthtone.com or Twitter.

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