Chinese AI start - up Megvii has secured $ 750 m in a funding round led by Bank of China investment 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 ventures and JPMorgan to partner with its IPO , which is expected later this year .
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.