China: AI startup SenseTime raises $120m led by CDH Investments

Chinese deep learning startup SenseTime has raised $120 million led by Beijing-based alternative asset management firm CDH Investments.

According to a report in China Money Network, Chinese multinational conglomerate Dalian Wanda Group, VC firms IDG Capital & StarVC and other investors also took part in the round.

The startup will use the money for building its deep learning infrastructure and expand application of its technology.

“Deep learning has high technical barriers and there is a lack of talent in the field,” said Niu Kuiguang, a partner at IDG Capital.

Founded in 2014 by Xu Xiaolan, SenseTime focuses on invention of computer vision and deep learning technologies. It develops face recognition technology that can be applied to payment and picture analysis, which could be used on bank card verification and security systems.

Its customers include companies like China Mobile, HNA Group, Huawei, Xiaomi, Sina and JD.com have used the company’s products.

The company aims to compete directly with global IT companies like Google and Facebook.

CDH, one of the largest alternative asset management institutions in China, recently led a $30 million Series A round in Shanghai-based Fountown, a co-working space startup.

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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.