Megvii Technology Limited, also known as Face++ is said to have raised $750 million in funding on Wednesday, even as it prepares to list in Hong Kong later this year. Megvii, launched in 2011 is a Chinese-based artificial intelligence company that specializes in building AI engines, the underlying technology used to power AI applications in various fields and counts SenseTIme Group Limited as its primary competitor.
The latest round of funding values Megvii at $6 billion with the key investors comprising of the Bank of China Group Investment Limited (BOCGI), ICBC Asset Management (global), the wholly owned subsidiary of Abu Dhabi Investment Authority and the Macquarie Group, while existing investor Alibaba Group is also said to have participated in the latest round of funding.
According to Megvii, the funds would be used to recruit talent, strengthen the company’s technological competencies, speed up the commercialization process of its AI-enabled solutions, and fund global expansion.
Megvii currently delivers facial recognition and other AI technology to Alibaba, Huawei Technologies and a few other privately owned businesses and government firms.