Shanghai-based artificial Intelligence (AI) developer Yitu Technology has received a RMB380 million ($55 million) Series C investment led by Hillhouse Capital Group, a Chinese private equity firm focused on consumer, TMT, industrials and healthcare spaces.
“Yitu has the ability to carry out leading innovation in the future. We are confident about its abilities to improve the current healthcare quality by applying AI technologies,” said David Yu, co-founder and chairman of Yunfeng Capital, according to China Money Network.
The latest fundraising will be used to invest in research and development to better understand AI application in sectors such as healthcare.
Yitu’s technology provides accuracy in human face and automobile recognition and focuses on research into computer vision, intelligent imaging, video understanding, distribution systems and Big Data.
Founded in 2012 by Long Zhu, Yitu’s valuation was not disclosed post investment. The firm was valued at $1 billion last year.
Its Series A financing came from Sequoia Capital and Banyan Capital in 2014 and in 2016, it received Series B funding led by Yunfeng Capital.
Yitu’s face recognition system has been deployed by the China Customs and China Immigration Inspection bureaus and a number of hospitals, including Zhejiang Provincial People’s Hospital and Guangzhou Women and Children’s Medical Centre.