Chinese facial recognition startup Megvii, the developer of Face++ facial recognition software, has raised $460 million in its latest financing round from several investors including a Chinese state fund, Ant Financial and Foxconn Technology according to sources close to Reuters. Reuters further reports a rep from Face++ was not had declined to comment on this report.
The latest funding round was led by the China State-owned Venture Capital Fund. It’s a 200 billion yuan (approximately $30.17 billion) state-controlled fund set up in 2016 to invest in China’s startups — as well as existing investors Alibaba Group Holding Ltd affiliate Ant Financial and Foxconn.
Rounding out the group of investors are Russia-China Investment Fund, a joint venture of sovereign wealth funds, and South Korea’s SK Group, according to the anonymous source, further reports from Reuters has said.
Prior to this another previous round of financing last December valued Face++ at $2 billion. For that round, Megvii raised at least $100 million from several investors led by Foxconn Technology Group and CCB International Holdings Ltd., according to media site biometricupdate.com.
The startup from Beijing has been responsible for developing Alipay’s “scan your face to pay” face recognition feature.
The funding round of Face++ comes as China is seeing a significant boom in facial recognition startups.
In July, another rival company, Sensetime Group, raised $410 million from Chinese investors, which, at the time, was reportedly the largest single financing round for any artificial intelligence company.