(Yicai Global) Nov. 20 -- Chinese artificial intelligence firm CloudWalk Technology Co. pooled USD75.75 million (CNY500 million) in series B funding in a round led by Shunwei Capital Partners, Suzhou Oriza Holdings Co. and Puhua Capital Ltd.
Participants included Yuexiu Financial Holdings Group Co., Shenzhen Qianhai Prosperity Investment Management Co. and Pci-Suntek Technology Co. [SHA:600728], who backed the business as an angel investor.
CloudWalk Technology will use the capital to expand its leading position as an AI provider for in the banking, airport and security industries and to incubate AI enterprises using the national AI platform.
CloudWalk Technology is a leader in the facial recognition industry. More than 100 financial institutions and 80 percent of airports in China use its technology. CloudWalk Technology has partnered with China Mobile Communications Corp. [HK:0941; NYSE:CHL], China Telecom Corp. [HK:0728; NYSE:CHA], Nvidia Corp. [NASDAQ:NVDA] and Huawei Technologies Co. to promoted AI+Business.
Founded in April 2015, CloudWalk Technology is a hi-tech group that was incubated by the Chongqing Institute of Chinese Academy of Sciences. It engages in computer vision and artificial intelligence. It has research and development institutions in the University of Illinois at Urbana-Champaign (UIUC) and Silicon Valley in the US, as well as at the Chinese Academy of Sciences, Shanghai, Guangzhou, Chongqing and Chengdu in China.
The Guangzhou municipal government previously backed the group to the tune of CNY2 billion, DeepTech reported.