Chinese face recognition startup CloudWalk raises Series B+ from state-owned firms

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.

Also Read:

China Digest: Tiger Management leads $120m round in Yunmanman; AI startup CloudWalk raises $75m Series B

China Dealbook: AI startup Tianrang, biotech firm CureGenetics snag Series A

China Digest: Unisound, Qihan Biotech, Madaket Health, Songxiaocai snag funding

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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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.