AI, Tech

Chinese Artificial Intelligence Start-up SenseTime Raises $620M Series C+ Round

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SenseTime, the world’s highest valued private artificial intelligence (AI) company, has announced the completion of a US$620 million series C+ funding round, led by Fidelity International, Hopu Capital, Silver Lake and Tiger Global.

Shenzhen Capital Group Co., Ltd., Bank of China Group Investment Limited, Qualcomm Ventures and others also participated in the round, according to SenseTime’s announcement.

With the latest round, SenseTime has raised total financing of more than US$1.6 billion, the highest globally for a private AI company. The company is valued at a whopping US$4.5 billion, also the highest anywhere around the world.

Just last month, the firm raised a US$600 million series C round led by Alibaba Group Holding Ltd., and participated by Temasek Holdings and Chinese retailer Suning Commerce Group Co., Ltd.

Founded in 2014, SenseTime focuses on computer vision and deep learning technologies. It deploys its AI technology and applications in smart cities, smartphones, Internet entertainment, automobiles, finance, retail, and other industries.

SenseTime said it has reached profitability in 2017. And for the last three consecutive years, it has upheld a year-on-year growth rate of 400% as it has rapidly implemented its technology across industries. This year up until May, its business contract revenue has increased by more than 10-fold so far, according to the company’s announcement.

SenseTime has developed various partnerships to expand growth recently. Earlier this month, it joined Alibaba Group and Hong Kong Science and Technology Parks Corporation (HKSTP) to launch the HKAI Lab, a not-for-profit initiative with the aim to support innovation in the field of AI in Hong Kong. It also signed an agreement with Shanghai Shentong Metro Group, the largest subway operator in China, to deploy AI solutions for metro traffic monitoring.

 


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