Facial recognition firm Face++ to raise US$600 mn
Sources say financing will be completed in a few weeks, and will include investors Alibaba and Boyu Capital
Face++, a Chinese facial recognition company, is expected to raise at least US$600 million from investors in the near future, including Alibaba and Boyu Capital, The Paper reported.
It was also reported that the company will complete this round of financing in a few weeks. However, it declined to comment when The Paper sought to verify the news.
The last financing of Face++ occurred in October 2017, when the company announced the completion of a US$460 million Series C financing.
It is noticeable that it has received funding from government-related sources in the past, including China state-owned Capital Venture Investment Fund and Russia-China Investment Fund. Alibaba’s fin-tech arm Ant Financial was also one of the leading investors.
In addition to this company, Alibaba has also invested in another domestic facial recognition firm, SenseTime.
In April of this year, the company completed a $600 million Series C financing, led by Alibaba Group, followed by Suning and Singapore’s sovereign fund Temasek. At that time, it was the largest single round of financing in the field of artificial intelligence.