By Ed Hammond
If successful, the deal would be the largest technology takeover.
The latest fundraising will value SenseTime at about $2 billion.
While bitcoin remains a no-go with the industry, banks are racing to develop blockchain, the technology underpinning the currency.
It bagged a $27-million funding from European Investment Bank earlier this year
A previous round of financing last December valued Face++, a Beijing-based start-up behind Alipay’s “scan your face to pay” function, at $2 billion.
Google is promoting TensorFlow, that makes it easier to build AI systems, to forge business ties in China.
The Chinese internet company is trying to reshape its business around AI and autonomous driving.
Total funding of self-driving startups from both corporate and private investors has barely topped $5 billion.
iFlytek also plans to launch more incubators in Beijing, Shenzhen and Tianjin.
This follows recent Bank Indonesia announcements that it will not recognize bitcoin as a means of payment.