ICBC International, SPDB International Invest $200M Series C+ Round In Chinese AI Firm Yitu Technology

ICBC International Holdings Ltd, SPDB International and Gaocheng Capital have invested in a US$200 million series C+ round in Yitu Technology, a Shanghai-based artificial intelligence start-up specialized in the field of machine vision, big data and advanced hardware, according to Yitu’s announcement on its official WeChat account.

Yitu was co-founded by Zhu Long, a University of California, Los Angeles (UCLA) PhD in statistics, and Lin Chenxi, a former senior expert at Alibaba Cloud computing, in 2012. Machine vision is Yitu’s core technology and it is used in financial, healthcare and social security.

Its products and services include Yitu Dragonfly Eye Intelligent Security System, a system based on machine vision technology, City Data Hub, a solution to optimize urban transport management, and Smart Healthcare, which can assist disease screening, image diagnosis and clinic treatment. The company also produces intelligent hardware, which empowers machines to look, listen and understand their surroundings.

In February, the firm hired former Google research scientist Lu Hao as its chief innovation officer to oversee its strategies and methods in innovation.

In May 2017, the company raised a RMB380 million (US$55 million) series C round led by Hillhouse Capital Group and participated by Yunfeng Capital, Sequoia Capital, Banyan Capital and Zhen Fund.

In 2016, the firm received a series B round worth of tens of millions of dollars from Yunfeng Capital. In 2014, the firm received a series A round from Sequoia Capital and Gaorong Capital.

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