China’s SenseTime Sets AI Funding Record

China’s SenseTime Sets AI Funding Record

As the political tension across the globe intensifies, so does the race in the artificial intelligence (AI) space. In an attempt to change its copycat image, China is spending significant resource to excel specifically in the AI area. A repeating topic in a report released during the National People’s Congress in March and in recent earnings calls of the Chinese tech giants, artificial intelligence is seen as a key area of development.

A rising star of the movement is SenseTIme, a developer of facial recognition technology that can be used for services including check-out free shopping, customer data analysis, as well as surveillance, among others. SenseTime’s clients include the state-owned telecommunications giant China Mobile, phone maker Huawei and U.S. chipmaker Nvidia, while the company is collaborating with Qualcomm and Honda on various applications.

SenseTime latest news appearance came as a result of a $600 M funding round led by Alibaba. The deal set a record in the AI space, valuing the start-up north of $3 Bn. The funding is said to be used for widening company’s product scope and global footprint.

SORTIS View: We see Alibaba as a key strategic partner for SenseTime due to its dominant position in the e-commerce and online payment industries, complementing technologies and the synergies potential.

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