SenseTime Groups repeats the performance, raises 620 million dollars

6 years ago - Published in Fintech Land

SenseTime Groups has repeated its performance of a mere two months ago.

The Chinese startup raised $620 million, thus bringing the company’s value at 4.5 billion dollars. The financing was led by Fidelity International, Hopu Capital, Silver Lake and Tiger Global. Two months ago, a funding round of 600 million dollars was led by Alibaba Group.

SenseTime released a statement saying that the focus will be R&D and employing new talents.

The company develops AI technology oriented to face recognition with cameras. The technology has already been used by the government to identify suspects in public, crowded places. Its base is in Beijing and Hong Kong, where a AI laboratory was opened with Alibaba.

The investments in this field is more generalized, with billions of dollars being handed to startups while China aims to become the leader in the sector by 2030.