World’s Largest AI Startup Readies $2 Billion Fundraising – Bloomberg
What happened: The world’s most valuable artificial intelligence (AI) startup SenseTime is reportedly working with advisors to raise $2 billion in a fresh round of funding. People with knowledge of the matter told Bloomberg that the deliberations are at an early stage and details of the deal could change. A company spokesperson declined to comment when contacted by TechNode.
Why it’s important: The Chinese AI unicorn raised over $1.2 billion with a valuation of over $4.5 billion in 2018. The startup’s investors include private equity firm IDG, Singaporean state investor Temasek, and Chinese e-commerce giant Alibaba. Investors have been handing billions of dollars to Chinese artificial intelligence startups including SenseTime and Face++, hoping to ride a wave of government support amid a plan to become the world leader in AI by 2030. According to SenseTime, it has experienced 400% growth since its founding, as it works with police, retailers, and healthcare researchers across China and internationally with its computer vision technologies.