(Yicai Global) Sept. 10 -- Softbank China Venture Capital has invested over USD1.6 billion in SenseTime and increased its value to USD6 billion, technology news portal Sina IT reported, as many other sources have also verified.
SenseTime formed in 2014. Having finished its C+ funding and its value now exceeds USD4.5 billion, information on its website shows.
Beijing-based SenseTime claims to be the largest AI algorithm provider in China. It has developed its proprietary in-depth learning supercomputing center and AI technologies that include face recognition, image recognition, text recognition, medical image recognition, video analysis, autonomous driving and remote sensing.
These AI technologies have found applications in security, finance, mobile phones, driverless cars and retail, and the company has expanded its business into Japan and Southeast Asia.
SenseTime has also started pumping out external cash infusions of its own now and repositioning itself as an investor. SenseTime has invested in Beijing-based alternate/virtual reality firm 51VR, Helian Health -- a Hangzhou-headquartered supplier of WiFi and cloud-based apps to hospitals -- Nanjing-based sports services provider and unicorn Suning Sports and Moviebook, a Beijing video recognition and online video technology firm, SenseTime announced and plans more outlays in AI chips, medical treatment, IOT, mobile phones, the internet and games.
Editor: Ben Armour