Chinese alternative investment firm CDH Investments has led a US$120 million funding round in Chinese deep learning start-up SenseTime, with participation from Dalian Wanda Group, IDG Capital, StarVC and others.
The investment is a first for CDH Investments and IDG Capital in the field of artificial intelligence and deep learning, the company said.
"Deep learning has high technical barriers and there is a lack of talent in the field," said Niu Kuiguang, a partner at IDG Capital. "In a short two-year period, SenseTime has reached key breakthroughs in early stage deep learning technologies and applied its platform in various industries."
SenseTime was founded two years ago by a group of Chinese scientists and business veterans. The company claims to be the only company in China building its own deep learning infrastructure and algorithms.
It currently provides applications in the field of face recognition, language recognition, vehicle recognition, object recognition and image processing. China Mobile, HNA Group, Huawei, Xiaomi, Sina and JD.com have used the company’s products.
Sina’s Weibo, for example, incorporates SenseTime’s face recognition technology to organize users’ phone albums more intelligently.
SenseTime, with operations in Beijing, Shenzhen and Hong Kong, plans to use the new proceeds on building up its deep learning infrastructure and expand application of its technology.
No information is available on the company’s previous funding rounds.