SenseTime, a Chinese artificial intelligence (AI) company, announced on Monday it raised $600 million during its Series C round of funding, which was led by the Alibaba Group with participation from Temasek and Suning. This round of funding comes less than a year after the company raised $410 million through its series B round of funding.
Founded in 2014, SenseTime describes itself as China’s leading cutting-edge AI company that focuses on innovative computer vision and deep learning technologies. The company claims it established China’s largest and only self-developed deep learning supercomputing center, which means it has established itself as the largest supplier of AI algorithms in the country. SenseTime also revealed it has established partnerships with more than 400 leading domestic and overseas enterprises across security, fintech, automobile, retail, smartphone, mobile Internet, and robotics.
While sharing details about the funding round, Li Xu, SenseTime Co-founder and CEO, stated:
“SenseTime has established an AI ecosystem anchored with robust research, deep industry collaboration, and diverse partnerships. Our Round C funding will maximise these advantages by accelerating the development of a global footprint with a larger ecosystem incorporating both domestic and overseas partners. The funding will also help us widen the scope for more industrial application of AI, thus increasing the value of SenseTime’s global ecosystem.”
Joe Tsai, Executive Vice Chairman of Alibaba Group, commented:
“SenseTime is doing pioneering work in artificial intelligence. We are especially impressed by their R&D capabilities in deep learning and visual computing. Our business at Alibaba is already seeing tangible benefits from our investments in AI and we are committed to further investment. Our strategic partnership with SenseTime will spark more innovation and create value for society.”
SenseTime added the funds from the Series C funding round will provide important impetus to the buildout of its AI platform, along with advancing the company’s technological innovation and opening up new business opportunities.