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.
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.