(Yicai Global) Nov. 28 -- Chinese artificial intelligence (AI) unicorn Beijing SenseTime Co. will invest up at least USD909.4 million (CNY6 billion) in a new global research and development headquarters in Shanghai over the next five years, the company said in a press briefing yesterday.
The firm agreed a strategic partnership the Shanghai government to jointly develop core AI technologies, and will also focus on the development of vehicle automation, smart chips and intelligent education.
SenseTime will also contribute to Shanghai’s development as a smart city’ It plans to build an artificial intelligence industry park to help the city nurture AI innovation enterprises and attract qualified professionals from all around the world.
The company, founded in 2014, specializes in developing facial recognition, image recognition, video analytics, autonomous driving, medical imaging and other AI technologies. It currently has more than 400 clients and has opened offices in Beijing, Shenzhen, Shanghai, Hong Kong and Tokyo.
The tech unicorn is considering setting up an R&D hub in the US next year, and an initial public offering (IPO) is in the works, Reuters reported on Nov. 23.