China’s AI startup Yitu Technology secures $200m in Series C+

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Photo: Reuters

Shanghai-based artificial intelligence (AI) startup Yitu Technology has raised a $200-million Series C+ round from ICBC International Holdings, SPDB International and Gaocheng Capital.

The startup specializes in computer vision, big data and advanced hardware and was co-founded by statistician Zhu Long and Lin Chenxi, a former senior expert at Alibaba Cloud Computing, in 2012. This February, it appointed former Google research scientist Lu Hao as its chief innovation officer.

Last year, it raised an RMB 380 million ($55 million) Series C led by Hillhouse Capital and joined by Yunfeng Capital, Sequoia Capital, Banyan Capital (now known as Gaorong Capital) and ZhenFund.

In 2016, Yitu Technology had secured tens of millions of dollars in a Series B round from Yunfeng Capital.

This January, Yitu Technology opened an office in Singapore to serve as its regional hub in Southeast Asia.

Chinese AI startup SenseTime, which specializes in facial recognition, raised a $620 million Series C+ round last month from Fidelity International, giving it a valuation of over $4.5 billion.

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