AI developer Yitu Technology gets $55m Series C led by Hillhouse Capital

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.

Others who participated in the investment include Yunfeng Capital, Sequoia Capital, Banyan Capital, and ZhenFund.

“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.

Hillhouse Capital Group was established in 2005 and its portfolio comprises includes well-known tech giants such as Baidu, Tencent and JD.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.