Shenxing Tech raises US$14.4M in funding for facial recognition and AI expansion
Beijing-based facial recognition and artificial intelligence firm Shenxing Tech has raised over RMB100 million (US$14.4 million) in private funding, according to a report by China Tech News.
Shenxing will use the proceeds from the funding to expand its business in the public security sector and provide better facial recognition and AI solutions to its clients.
Fosun Group’s venture investment arm, Kinzon Capital, along with Matrix Partners China and Zero2IPO Venture participated in the funding round.
Founded in 2016, Shenxing Tech provides facial recognition technologies to a range of sectors, including real estate, public security, schools, hospitals and other institutions.
Its main customers include Aviation Industry Corporation of China, PetroChina Company and China Railway Construction Co., Ltd.
In December, Megvii Inc., the Beijing-based developer of Face++ facial recognition software, raised at least $100 million from Foxconn Technology Group, CCB International Holdings Ltd., and existing investors including Qiming Venture Partners and Sinovation Ventures.