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Alibaba's SenseTime establishes Hong Kong AI lab

Alibaba Group Holding Ltd.-backed SenseTime group Ltd. has teamed up with Hong Kong Science and Technology Park Corp. to set up an artificial intelligence hub in Hong Kong.

The HKAI Lab will be a nonprofit accelerator program and will be financed by Alibaba's $130 million entrepreneurship fund in Hong Kong, TechCrunch reported May 21. Financial details of the agreement were not disclosed, but entrepreneurs and researchers working in AI can receive up to US$100,000 to aid their work, Alibaba said May 22 via news portal Alizila.

Alibaba Group Executive Vice Chairman Joe Tsai said the lab will be "an open platform" in which researchers, startups and industry stakeholders will collaborate and encourage AI innovation.

China's SenseTime, for which Alibaba led a $600 million funding round in April, is the world's highest-valued AI startup, TechCrunch said.