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Report: China's SenseTime preparing to raise US$2B in fresh funds


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Report: China's SenseTime preparing to raise US$2B in fresh funds

China's SenseTime Group Ltd. is looking to raise about US$2 billion in a fresh funding round, Bloomberg News reported Jan. 10, citing people with knowledge of the matter.

Discussions are reportedly at an early stage, and specifics of the deal could change, according to the report.

The company, dubbed the world's most valuable artificial intelligence startup, specializes in systems that assess faces and images on a larger scale. It works with policing bodies, retailers and healthcare researchers globally.

In April 2018, Alibaba Group Holding Ltd. led a US$600 million series C funding round for SenseTime.

The Beijing-based startup also raised US$620 million in a series C+ round in May 2018, increasing its valuation to more than U$4.5 billion, led by investment firms Fidelity International Ltd., Hopu Capital and Silver Lake.

Japan's SoftBank Group Corp.'s venture capital arm SoftBank Vision Fund was also eyeing an investment worth US$1 billion in SenseTime.