China Digest: AI startup Yi+ raises $14 m; CT scan developer SinoVision raises $29m

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In China funding developments, Yi+, a developer of machine vision technology, has raised a $14 million series B while CT scanner developer SinoVision Technologies (Beijing) Co Ltd has raised $29 million.

AI startup Yi+ raises $14 m

Artificial intelligence startup Yi+  has raised RMB100 million (US$14 million) series B from Chinese firms to further develop its AI technology.

The investments came from Haitong Securities, China’s securities major, financial services company Bairongjun Group and The Bank of Beijing, the China Money Network reported.

Founded in 2014, Yi+ aims to provide imaging-based automatic inspection and analysis for e-commerce companies, media, smartphone makers and smart TV producers.

Yi+ has also developed a virtual AI assistant, named Maioyixia used for TV shows. Their existing customers include firms like Alibaba Group Holding Ltd, Huawei Technologies Co Ltd and Sina Weibo while aim to support Alibaba’s new retail strategy for checkout-free convenience stores.

Their Series A was raised in 2015 from from Youku Tudou and LeBox Capital.

CT scanner developer SinoVision raises $29m

Computed tomography (CT) scanner developer SinoVision Technologies (Beijing) Co Ltd has raised RMB200 million ($29 million) to further their research and development work for the scanners.

The new funding round came from HG Capital, Qiming Venture Partners and Chinese healthcare investment firm, Yili Fuyi Daohe, the China Money Network reported.

SinoVision aims to control the market share of the growing medical imaging industry as a domestic player.

Founded in 2012, the Beijing based startup owns the intellectual property for CT detectors, one of the three key components of a CT scanner. X-ray tubes and high voltage power supply are designed by SinoVision and manufactured by U.S. companies.

SinoVision raised their angel round from investor Ju Xiaoping in 2012, followed by a Series A round from Chinese private equity firm CDBI Partners in 2015.

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