China’s AI Start-Up Megvii Raising $500 Million At $3.5 Billion Valuation: Sources

www.oann.com | 10/24/2018 | Staff
princia (Posted by) Level 3
HONG KONG (Reuters) – Chinese artificial intelligence provider Megvii Inc, commonly known as Face++, is targeting to raise $500 million in a new funding round that pegs the current valuation of the firm at $3.5 billion, people with knowledge of the matter said.

Bank of China Group Investment Ltd, the state bank’s private equity (PE) arm, is looking to lead the fundraising with $200 million, two of the people told Reuters, declining to be named as the information is confidential. Terms of the fundraising have not been finalised, the people added.

Megvii - Bank - China - PE - Arm

Beijing-based Megvii declined to comment. Bank of China’s PE arm did not respond to a request for comment.

Megvii’s latest fundraising comes amid Beijing’s plans to build a ubiquitous closed-circuit television (CCTV) surveillance network and become an international leader in AI, a technology that is increasingly becoming key to various sectors.

Investors - Money - Firms - AI - Beijing

Chinese and some foreign investors are pouring money into start-up firms that specialize in AI given Beijing’s emphasis on the technology. Investments in the sector surged to nearly $2 billion this year via 75 deals, more than four times the total value in the previous two years,...
(Excerpt) Read more at: www.oann.com
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