China: AI startup PerceptIn raises Series A led by Matrix Partners; Fashion e-tailer Ms Paris raises $18m

Chinese 100 yuan banknotes are seen in this picture illustration taken in Beijing May 7, 2013. REUTERS/Petar Kujundzic

Artificial intelligence startup PerceptIn and fashion e-tailer Ms Paris have raise funds.

AI startup PerceptIn raises Series A round led by Matrix Partners China

Silicon Valley-based artificial intelligence startup PerceptIn has raised an undisclosed amount of funding in a its Series A round led by Matrix Partners China.

According to an announcement by Matrix Partners on WeChat quoted in China Money Network report,  the funding is worth tens of millions of RMB, however it did not specify the amount.

Founded in March 2016, PerceptIn is developing the “eyes and brains” for robotics and smart devices. Its products include a robotics vision system Visual Inertial Module and visual reality gaming solutions.

US-based venture capital firm Walden International and TEEC Angel Fund also participated in the round, which values the startup at RMB200 million ($28 million) post-money.

“PerceptIn provides smart visual systems for robots, smart vehicles and augmented reality hardware,” said Wang Huadong, a partner at Matrix Partners said in the announcement. “The most important step to make electronics ‘smart’ is to give them eyes, mouths and brains, while PerceptIn is the answer to adding ‘eyes’ and ‘brains’ to electronics and to become the center of coordination.”

China’s Ms Paris raises $18m funding led by Northern Light Venture

Chinese online dress rental platform Ms Paris has raised a $18 million funding round led by Northern Light Venture Capital.

According to a report by China Money Network, quoting a company release, Matrix Partners China along with some existing investors, including China Growth Capital, also participated in the Series A round.

Founded in 2015 in Shanghai, Ms Paris enables consumers to rent branded and luxury women’s dresses at heavy discounts on the purchase price.

Northern Light Venture Capital is a China-focused venture capital firm targeting early stage opportunities of innovation and disruptive technology. Since its inception in 2005, Northern Light has backed over 180 ventures.

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