Tech & Science A Chinese surveillance company may have just become the most valuable AI startup in the world

02:45  15 april  2018
02:45  15 april  2018 Source:   Business Insider Australia

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The Chinese startup recently announced that it has raised 0 million in funding, a feat that has made SenseTime the most valuable AI startup in the world . SenseTime is also the power by China ’s impressive surveillance system.

The world ’s most valuable # AI startup is a Chinese company specializing in real-time surveillance . The IMF says America isn't doing enough to help working women, and it will hurt the country's economy in the coming years.

a highway with buildings in the background© Provided by Business Insider Inc Chinese facial recognition technology developer SenseTime Group Ltd may be worth as much as $US4.5 billion.

SenseTime says investors including Chinese e-commerce company Suning.Com and Singapore state fund Temasek Holdings helped close its series-C fundraising round.

But the biggest pile-in came from Alibaba, which topped the round up to $US600 million. The company would not disclose its total valuation, but "two people with knowledge of the matter" told Reuters it brought SenseTime's value up to around $US4.5 billion.

The company has claimed it "set a world record" for the amount raised in a single funding round by an AI firm.

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This exercise propelled SenseTime into the most valuable AI startup globally. SenseTime prides itself on being a leading collaborator to the largest surveillance system in the world .

SenseTime Group Ltd. has raised 0 million from Alibaba Group Holding Ltd. and other investors at a valuation of more than billion, becoming the world ’s most valuable artificial intelligence startup . Read more : China ’s Plan for World Domination in AI Isn’t So Crazy After All.

A series-B push led by China's CDH Investments and state-backed fund Sailing Capital in July valued the startup at over $1.5 billion.

At $US4.5 billion, it would be the most valuable AI startup in the world, at a time when China's government is making noises about becoming an "international leader" in AI by 2025.

In November, Google executive chairman Eric Schmidt said there was every reason to believe it could.

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SenseTime Group Ltd. has raised 0 million from Alibaba Group Holding Ltd. and other investors at a valuation of more than billion, becoming the world ’s most valuable artificial intelligence startup . Read more : China ’s Plan for World Domination in AI Isn’t So Crazy After All.

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"Trust me, these Chinese people are good," Schmidt said.

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SenseTime makes AI-powered surveillance software. Specifically, image analysis used by China's police force. As long as two years ago, it had technology that could identify cars and faces from as far as 100 metres away:

And match them to a national database:

a close up of a machine© Provided by Business Insider Inc Remarkably, it became profitable in 2017, almost unheard of in startup world, having been founded just three years earlier by researchers at the Chinese University of Hong Kong.

SenseTime is also developing autonomous driving technology.

But according to Alibaba executive vice chairman Joe Tsia, it is "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."

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