Chinese face recognoitn startup Megvii has raised $100 million from a range of investors including Foxconn Technology Group and CCB International Holdings.Megvii has said its facial recognition technology is especially relevant for the financial industry, smart cities and robotics.Megvii owns the Face ++ system which is planned to be used Ant Financial, which operates the dominant payments service on Alibaba Group Holding Ltd's online shopping platforms.Megvii has attracted funding from Qiming Venture Partners and Sinovation Ventures, the incubator founded by Google's former China head. The company is working with Ant Financial on a system allowing users to set up bank accounts online through facial scans, provided it receives regulatory approval.
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