Chinese AI start-up Megvii has secured $750m in a funding round led by Bank of China Group Investment, bringing its valuation north of $4bn ahead of its planned Hong Kong IPO. The Alibaba-backed company, which is best known for its facial recognition brand Face++, will use the latest capital to fund extra research into deep learning, as well as expand its workforce and push its AI-enabled solutions to the market. Megvii has reportedly engaged Citigroup, Goldman Sachs and JPMorgan to help with its IPO, which is expected the previous two years.
Chinese AI start-up Megvii has secured $750m in a funding round led by Bank of China Group Investment, bringing its valuation north of $4bn ahead of its planned Hong Kong IPO. The Alibaba-backed company, which is best known for its facial recognition brand Face++, will use the latest capital to fund extra research into deep learning, as well as expand its workforce and push its AI-enabled solutions to the market. Megvii has reportedly engaged Citigroup, Goldman Sachs and JPMorgan to help with its IPO, which is expected later this year.