FB pixel

SenseTime raises $600 million to fund AI platform buildout

 

SenseTime has raised $600 million in a Series C funding round to support the buildout of its AI platform, continued technological innovation, and the company’s pursuit of new business opportunities, according to an announcement.

The funding round, which the company says represents a record high for the AI industry, was led by Alibaba, with Temasek and Suning among other participants. Alibaba became SenseTime’s biggest backer late last year with a $227 million investment.

“SenseTime has established an AI ecosystem anchored with robust research, deep industry collaboration, and diverse partnerships,” said Li Xu, SenseTime Co-founder and Chief Executive Officer. “Our Round C funding will maximise these advantages by accelerating the development of a global footprint with a larger ecosystem incorporating both domestic and overseas partners. The funding will also help us widen the scope for more industrial application of AI, thus increasing the value of SenseTime’s global ecosystem.”

According to the announcement, SenseTime has become China’s largest AI platform and AI algorithm supplier, and it has more than 8,000 GPUs in its deep learning supercomputing platform. MIT announced SenseTime’s participation in its Intelligence Quest project earlier this year, and is has signed several agreements with Chinese state-owned enterprises and municipal governments. SenseTime is also providing facial recognition and big data analysis technology to Suning, which it says is the largest retailer of consumer electronics in China, to develop a “Store of the Future.”

The company also committed in March to creating a $790 million investment fund for Chinese AI companies.

Article Topics

 |   |   | 

Latest Biometrics News

 

Biometrics connecting ID and payments through digital wallets, apps and passkeys

Biometrics are connecting with payment credentials, whether through numberless credit cards and banking apps or passkeys, as the concrete steps…

 

Reach of Musk, DOGE’s federal data access sets off privacy, security alarms

Led by tech billionaire Elon Musk and a shadowy team believed to be under his control, the United States DOGE…

 

Mobile driver’s licenses on the cusp of ‘major paradigm shift’

More entities have integrated the California mobile driver’s license (mDL) credential for identity verification. Although just 15 states have introduced…

 

Gesture-based age estimation tool BorderAge joins Australia age assurance trial

Australia’s age assurance technology trial is testing the new biometric tool that performs age estimation based on hand gestures. The…

 

European AI compliance project CERTAIN launches

The pan-European project to create AI compliance tools CERTAIN has kicked off its work, with the goal of making European…

 

Signaturit Group acquiring Validated ID for undisclosed sum

Spain-based digital identity and electronic signature provider Validated ID is being acquired by Signaturit Group, a European company offering identity…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events