Face-recog­ni­tion startup ‘raises $100m’

China Daily (Hong Kong) - - BUSINESS - By BLOOMBERG

Megvii Inc, a Chi­nese de­vel­oper of fa­cial-recog­ni­tion tech­nol­ogy, has raised at least $100 mil­lion from in­vestors, in­clud­ing Fox­conn Tech­nol­ogy Group and CCB In­ter­na­tional Hold­ings Ltd, ac­cord­ing to peo­ple with di­rect knowl­edge of the mat­ter.

The owner of Face++ is still i n talks with other in­vestors for more fund­ing, the peo­ple said, ask­ing not to be named be­cause the mat­ter is pri­vate.

Megvii con­firmed it’s rais­ing funds while de­clin­ing to comment on t he spe­cific amount. It plans to work with in­vestors to im­prove fa­cial recog­ni­tion tech­nol­ogy, es­pe­cially in the fi­nan­cial i ndus­try, smart cities and ro­bot­ics, the com­pany said i n an emailed state­ment.

Megvii pro­vides face-scan­ning sys­tems to Ant Fi­nan­cial, which op­er­ates the dom­i­nant pay­ments ser­vice on Alibaba Group Hold­ing Ltd’s on­line shop­ping plat­forms. The e-com­merce oper- ator and in­ter­net com­pa­nies from Face­book Inc to Google Inc and Baidu Inc are em­brac­ing bio­met­ric tech­nolo­gies and ar­ti­fi­cial in­tel­li­gence to im­prove se­cu­rity and smooth e-com­merce.

Bei­jing-based Megvii also has at­tracted fund­ing from Qim­ing Ven­ture Part­ners and Si­no­va­tion Ven­tures, the in­cu­ba­tor founded by Google’s for­mer China head. The com­pany is work­ing with Ant Fi­nan­cial on a sys­tem al­low­ing users to set up bank ac­counts on­line through fa­cial scans, provid- ed it re­ceives ap­proval.

In­vestors i n the lat­est round i nclude t hose t hat par­tic­i­pated in pre­vi­ous fund­ing, the peo­ple said. reg­u­la­tory

ZHU XINGXIN / CHINA DAILY

Vis­i­tors try on­line pay­ment through fa­cial-recog­ni­tion tech­nol­ogy at the Ant Fi­nan­cial Ser­vices Group booth at an in­ter­net expo in Wuzhen, Zhe­jiang prov­ince.

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