SenseTime Raises US$600 Million In Series C Funding

Bejiing, China – April 9, 2018 – SenseTime (the “Company”), China’s leading artificial intelligence (AI) company, has successfully raised US$600 million in its Series C round of funding. Alibaba Group is taking the lead role for this round of funding and other participants include Temasek and Suning. As the Company set a record by raising US$410 million in its series B round of funding last July, it once again sets a new record for venture capital funding in the AI sector.
The capital injection will provide important impetus to the buildout of SenseTime’s AI platform, advancing the company’s technological innovation and opening up new business opportunities.

Li Xu, SenseTime Co-founder and Chief Executive Officer, said, “SenseTime has established an AI ecosystem anchored with robust research, deep industry collaboration, and diverse partnerships. 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.”

Joe Tsai, Executive Vice Chairman of Alibaba Group, said: “SenseTime is doing pioneering work in artificial intelligence. We are especially impressed by their R&D capabilities in deep learning and visual computing. Our business at Alibaba is already seeing tangible benefits from our investments in AI and we are committed to further investment. Our strategic partnership with SenseTime will spark more innovation and create value for society.”

Currently, SenseTime’s high-performance deep learning supercomputing platform is one of China’s largest, boasting over 8,000 GPUs. It is able to support building models with hundreds of billions of parameters, categorizing hundreds of millions of data and training billions of images. Thanks to its innovative technologies, the Company leads the industry in a range of fields such as facial and image recognition, autonomous driving, medical imaging and deep learning hardware optimization. As to date, it has become China’s largest AI platform company and AI algorithms supplier.  

In 2017, SenseTime announced a series of significant strategic partnerships in China and abroad. With Qualcomm, it initiated an “algorithm + chip” collaboration increasing the intelligence of smartphones and other devices. The Company partnered with Honda to provide industry-leading autonomous driving technologies. Working with Suning, the largest consumer electronics retailer in China, the Company has helped to develop the Store of Future, which leverages facial recognition for check-out free shopping as well as customer big data analysis. In February 2018, the prestigious Massachusets Institute of Technology announced that SenseTime was the first company to join its Intelligence Quest project and the two parties created an AI alliance to define the next frontier of human and machine intelligence. In March 2018, the Company formed strategic partnerships with several large Chinese state-owned enterprises based in Shanghai such as the INESA Group and Lingang Group. These developments followed from a strategic agreement that the Company signed with the municipal government of Shanghai in 2017. According to the agreement, SenseTime will leverage its AI technologies to help the city on multiple inititiatives including smart city, smart traffic, autonomous driving, and smart finance.

SenseTime has established partnerships with more than 400 leading domestic and overseas enterprizes across security, fintech, automobile, retail, smartphone, mobile Internet and robotics. By broadening the possibilities of data technology and its application across industries, the Company has the potential to provide a technological leap for a range of verticals and serve as their close partner in AI transformation.  

 

About SenseTime

SenseTime is China’s largest artificial intelligence (AI) unicorn focused on computer vision and deep learning technologies.

The developer behind a proprietary deep learning platform, SenseTime has become the largest algorithm supplier in the country. The company is dedicated to creating an AI ecosystem with innovation and solutions to upgrade the industries.

Besides from its technological strengths, SenseTime has achieved commercial successes. It has powered many industries such as finance, security, smart phone, mobile Internet, robotics, and automobile with core computer vision technologies including face recognition, video analysis, character recognition, and autonomous driving. SenseTime boasts more than 400 leading customers and strategic partners including MIT, Qualcomm, NVIDIA, HONDA, China Mobile, UnionPay, HNA, Huawei, Xiaomi, OPPO, vivo, Weibo, and iFLYTEK.

In April 2018, SenseTime raised $600 million in its Series C round of funding and once again set a new record for a single round of financing in the global AI field. It also establishes SenseTime as the world’s most highly valued AI platform company.

With offices in Hong Kong, Beijing, Shenzhen, Shanghai, Chengdu, Hangzhou, Kyoto, Tokyo and Singapore, SenseTime has attracted top talents around the world to build a world-leading technology company – from China, for the world.

For more information, please visit SenseTime’s website, WeChat and Weibo.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Elon Musk Buy Next

What Is Elon Musk Going to Buy Next?

There are moments in our lives—perhaps we are in the shower or struggling to sleep at 2 A.M.—when we think about all the ways we could influence the world. We find solutions to crypto volatility, world hunger and our neighbor’s ultra-dry plants.

5 Technologies

5 Technologies That Are on Stage in Russia’s Invasion of Ukraine So Far

On February 21, 2022, Vladimir Putin, President of the Russian Federation, declared the independence of the Donetsk People’s Republic and Luhansk People’s Republic. Arousing international outcry, this ignited the ultimate invasion of Russia on Ukraine three days later. While Ukrainians are still defying Putin’s covetous ambitions, new technologies have been floating on the surface to take advantage of each other.

Technology Joy Ghose

Technology Pioneers – Interview With Joy Ghose of FreeD Group

Over the past 15 years, the Chief Commercial Officer (CCO) of FreeD Group Limited, Joy Ghose, has accumulated plenty of experience in the travel and technology industry. Before joining FreeD Group, Ghose was involved in sales, marketing and management roles at companies like Merlin Entertainments and The Hong Kong Tourism Board.

Creamy Mattes and Beyond Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

To Creamy Mattes and Beyond: Reviewing GoPlay Cosmtics’ Custom Lipstick Maker

While researching for our piece on personal color analysis, I came across the LIPSKIT, a custom lipstick-making tool created by GoPlay Cosmetics. GoPlay Cosmetics is a DIY (do-it-yourself) make-up brand that is looking to prioritize sustainability in the make-up industry without compromising the variety of your lipstick collection.

Ledger vs Trezor

Ledger vs Trezor: Where Should You Store Your Crypto Holdings?

As lucrative as the cryptocurrency world is, it comes with a high risk of losing your crypto because of hacks. To make sure that your crypto holdings stay safe with you, you must carefully choose effective storage solutions for them. One of the ways to keep your crypto secure is by holding it in a hardware wallet.

4 best companion robots to consider in 2022

Alone No More: 4 Best Companion Robots to Consider in 2022

The Covid-19 pandemic and the isolation that accompanied it has given many of us a healthy appreciation for good company. Over the long periods of self-isolation and quarantine, we have come to the realization that company can also come in many non-human forms, like pets, plants and… Roombas?