SB China Venture Capital (SBCVC) and Chinese artificial intelligence company SenseTime have co-lead a RMB1.36 billion (US$199 million) series D round in video technology start-up Beijing Moviebook Technology Corp., Ltd.
Other investors including Qianhai Wutong M&A Fund, PAC Partners, Chinese media group Oriental Pearl Group Co., Ltd., and Lang Sheng Investment also participated in the round, according to Moviebook Technology’s announcement. Proceeds of this round will be used for smart image technology optimization and expanding its research and development team.
Founded in 2009, Beijing-based Moviebook Technology focuses on video recognition and online video technology. Its video interaction products have functions including creating direct URL, presenting product features in an overlaying prompt window with text, placing videos in advertising boxes, and other marketing assistance services. It also provides other data collections, management and analysis service for advertisers.
Xu Bing, co-founder of SenseTime, said there are huge amounts of video data in the broadcasting, TV and Internet video industries. With technology breakthroughs in video analysis and augmented reality, these data will have more commercial values in the future.
As a strategic investor, SenseTime will provide AI algorithm support to Moviebook Technology to accelerate AI applications in the entertainment industry. SenseTime focuses on computer vision and deep learning technologies and has just raised a US$620 million series C+ round in May.
In July 2017, Moviebook Technology raised a RMB500 million (US$73 million) series C+ round led by Primavera Capital Group. In November 2016, the company raised an undisclosed series C round led by New Horizon Capital.