(Yicai Global) May 14 -- Chinese artificial intelligence developer Cloudwalk Technology announced yesterday it has closed a new round of CNY1.8 billion (USD254 million) financing that brings it total to CNY7.1 billion, with China Internet Investment Fund and Industrial and Commercial Bank of China among others the investors in this cycle.

The Guangzhou-based company will mainly apply the proceeds of this funding in human-machine collaborative technology product research and development and market expansion, while prioritizing its smart finance, governance, transport and business segments, the firm said, the Paper reported yesterday.

Formed in April 2015 and incubated by the Chinese Academy of Sciences’ Chongqing Institute of Green and Intelligent Technology, Cloudwalk is committed to R&D and application of computer vision, Big Data and other technologies. Its founder and Chief Executive Zhou Xi is a former professor at the institute.
It is rumored to be considering an initial public offering later this year, Beijing-based international information service provider and investment research firm EqualOcean reported on its website on May 13.

Cloudwalk, whose main clients include China's large state banks of the ilk of ICBC, Agricultural Bank of China and Bank of China, state-owned enterprises, key airports like Guangzhou Baiyun International Airport, airlines such as China Eastern and public security bureaus in various Chinese provinces and cities, has won multiple government tenders for its AI-based 'new infrastructure.’ Its activities encompass finance, governance, transport, business and other areas.

Cloudwalk currently serves 147,000 branches of 400 banks, PSBs in 30 provincial-level administrative areas and more than 80 airports.

Editor: Ben Armour