Chinese AI startup breaks fundraising record

Chinese AI startup breaks fundraising record

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Chinese artificial intelligence (AI) startup SenseTime has raised the single largest round of funding in AI history - $410 million. The Beijing-based deep-learning and computer-vision developer said it will use the funds to strengthen its research and development capabilities as well as explore new areas such as auto-driving. Insiders said the flourishing sector looks lucrative to investors, especially after Google's AlphaGo has twice beat human masters of the ancient Chinese game of Go. This latest funding comes from nearly 20 investors, including both government-backed Sailing Capital and China International Capital Corp., as well as private-equity funds CDH Investments and IDG Capital, according to Caixin. Established in November 2014, SenseTime has emerged as a supplier to dozens of big-name firms, including Huawei, China UnionPay and Dalian Wanda Group. Its number of clients rose tenfold to more than 400 in 2016 from a year before.