Chinese AI unicorn Megvii raises US$750 million ahead of planned IPO
- Megvii’s technology is used by the Ministry of Public Security, assisting in over 5,000 arrests of wanted criminals since 2016
Megvii, developer of the Face++ facial recognition software widely used across China, has announced completion of a US$750 million funding round as the Beijing-based artificial intelligence start-up nears an initial public offering.
Bank of China Group Investment, the state bank’s private equity arm, Abu Dhabi Investment Authority (ADIA), Macquarie Group and ICBC Asset Management backed the D round, the company said in a statement on Wednesday.
The proceeds will bankroll its overseas expansion, while enabling Megvii to further strengthen its technology capabilities in deep learning, accelerate the commercialisation of its AI-enabled solutions and recruit top-notch talent, it said.
“Megvii is dedicated to creating AI innovations that solve societal and industrial challenges,” Yin Qi, company founder and chief executive, said in the statement. “With the help of our investors and customers, we aim to accelerate our development as a trusted global leader in AI and internet of things, empowering humans and enabling industrial progress.”
Founded by three Tsinghua University graduates in 2011, Megvii provides computer vision technologies to corporate clients such as Lenovo, Foxconn, Ant Financial, Xiaomi and Vivo. Its technology is also used by the Ministry of Public Security, assisting in over 5,000 arrests of wanted criminals since 2016.