November 15, 2017 -
Chinese artificial intelligence facial recognition startup SenseTime Group has secured an investment from Qualcomm as part of a $500 million funding round that will close later this year, according to a Reuters report.
Qualcomm confirmed the investment in a statement. The firms did not disclose the size of the investment.
In July, the startup raised $410 million from Chinese investors, which, at the time, was reportedly the largest single financing round for any artificial intelligence company.
Earlier this year, it was reported that China will boost growth of its artificial intelligence sector over the next three years, through a specific innovation program.
Under the strategy, jointly formulated by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the Cyberspace Administration of China, national government departments will identify supportive fiscal policies for the sector and boost international cooperation.
Under the plan, China aims to create a market worth more than US$15.26 billion. Research vendor i-Research expects the value of China’s AI market to reach US$9.1 billion in 2020, growing at a 50 percent annual compound rate.