Fosun Group's venture investment arm, Kinzon Capital, has teamed up with Matrix Partners China to lead a series A funding round of over RMB100 million (US$14 million) in Shenxing Tech, a Beijing-based face recognition and artificial intelligence start-up.
Zero2IPO Venture and other unnamed investors also participated.
Founded in January 2016, Shenxing Tech provides face recognition technologies to real estate, public security, schools, hospitals and other institutions. Powered by more advanced algorithms, its solutions can accurately recognize faces in different light environments, the company claims.
Currently, its customers include Aviation Industry Corporation of China, PetroChina Company and China Railway Construction Co., Ltd.
The company plans to use the proceeds to expand its business in the public security field and provide better hi-tech solutions to business clients.
Last month, Beijing-based face recognition firm Face++ raised at least US$100 million from Foxconn Technology Group, CCB International Holdings Ltd. and existing investors including Qiming Venture Partners and Sinovation Ventures.
Foxconn, also known as Hon Hai Precision Industry Co., Ltd., invested US$20 million in Chinese image recognition start-up Megvii Technology in November 2016.