HONG KONG (Reuters) - Chinese artificial intelligence (AI) provider Megvii Inc, commonly known as Face++, said on Wednesday it raised $750 million in its latest funding round.
HONG KONG - Chinese artificial intelligence provider Megvii Inc, commonly known as Face++, said on Wednesday it raised $750 million in its latest funding round.
Macquarie Group, ICBC Asset Management Co and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, also joined the new round, Megvii said in a statement. Megvii declined to comment further on its fundraising or IPO plans. All of the banks declined to comment.The proceeds will be mainly used to strengthen Megvii's technology capabilities in deep learning, accelerate the commercialization of its AI-enabled solutions, recruit talent and finance global expansion, according to the statement.
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