Chinese face recognition firm raises Megvii Face++ has raised $460m in an investment round led by a government fund.Beijing-based has attracted several other investors including the Russia-China Investment Fund, a venture backed by sovereign wealth funds of the two nations, and SK Group, an insider told Bloomberg.The funding will give the startup a valuation of at least $1 billion and may be announced as soon as Tuesday, the person said.Megvii provides face-scanning systems to companies including Lenovo Group Ltd. and Ant Financial, the payments company controlled by Ma. Facial recognition technology has attracted keen interest from government authorities in China who want to be able to detect crimes and threats to social stability before they take place.The fundraising at Face++ comes as facial recognition start-ups boom in China on keen demand from the government and private companies. Rival Sensetime Group raised $410 million in July from Chinese investors, which it said then was the largest single financing round for any artificial intelligence company.Read more at: https://www.dealstreetasia.com/stories/face-recognition-startup-megvii-raises-460m-led-by-chinese-state-fund-85418/
Recent Video
- New non-profit trade association of HAND will standardise global talent ID
- No cards, no phones: J.P. Morgan’s biometric revolution in payments
- Anthony Vidiano on building the future of access management
- Charisma Check wins 2025 Start-Up Pitching Competition, advancing identity verification and background checks for dating app users
- How to protect one billion Amazon customers: Lessons from continuous risk assessments
