The largest Chinese startup specializing in facial recognition technology has raised US $ 460 million. Two of the largest are the Chinese and Russian states, through investment funds. Megvii, better known as Face ++. Raised $ 460 million in a new round of financing on Monday. Notably attracting investment from a Chinese state fund. Ant Financial and Foxconn Technology. Attracted many other investors, including. The Russia-China Investment Fund, a company backed. By sovereign wealth funds from the two nations. And South Korea’s SK Group.
Facial recognition technology has sparked great interest
From Chinese government authorities who want to be able to detect crimes. and threats to Buy Australia Whatsapp Numbers social stability before they are carried out (something like Minority Report?). Of Public Security database drawn from legal. identification files of approximately 1.3 billion Chinese. Deal Street Asia reported Tuesday. In August 2016 and has an asset of 200 billion yuan (about $ 30 billion) under management.
The fund is under the supervision of China’s
Assets Supervision and Administration Commission, according to the official Xinhua news agency. Raised $ 410 million in July 2017 from Chinese investors. It was, at the time, the largest single funding round for any AI company.