CloudWalk Technology Co Ltd, the Beijing-headquartered developer of artificial intelligence-based facial recognition technology, has raised a Series B+ round from Chinese state-owned institutions, the company announced in a release.
Lead investors include China Reform Fund, Atlas Capital Group, SFund International Holdings Limited, Technology Financial Group and Bohai Capital Holding Company.
According to a China Money Network report, the latest investment values the company at $509 million.
The company will deploy the proceeds to develop its AI technology and expand across industries.
Founded in 2015, CloudWalk was born out of the Chongqing Institute of the Chinese Academy of Science and offers products like facial recognition terminals and facial recognition physical access controls, powered by big data and AI.
Commercial airlines, police departments and more than 400 banks in China including Agricultural Bank Of China, Bank of China, China Construction Bank and Bank of Communications use CloudWalk’s products.
The firm raised its Series B round in November 2017 at 500 million yuan ($75 million) led by Shunwei Capital, Oriza Holdings and Puhua Capital, with participation from Yuexiu Financial Holdings Group, Shenzhen Qianhai Xingwang Investment Co and a fund co-invested by Galaxy Holding and Zhangjiang Group.
Earlier this year, the company launched its 3D structured light facial recognition technology, that claims to have a 99 per cent accuracy rate. The launch of the technology makes CloudWalk ready to compete with tech giant Apple Inc.
According to Gen Market’s “Global Face Recognition Device Market Research Report 2018”, CloudWalk ranks number one in the Chinese market.
China tops the global face recognition device market which was valued at $1 billion in 2017. The market is expected to grow seven times by 2025.