Artificial intelligence

Megvii powers up AI capabilities with $750m fundraiser

Unfazed by a significant cooldown in China's private equity market, the artificial intelligence startup has raised $750 million in the country's second-largest private fundraiser this year.

Chinese artificial intelligence startup Megvii announced on Wednesday that it has raised $750 million after closing the second tranche of its Series D equity funding, showing signs that public investors clearly remain committed to disruptive technologies despite a significant cooldown in China’s private equity market this year.

Among the investors in the Series D round are Bank of China Group Investment, a private investment arm of the state-owned bank, and ICBC Asset Management. Foreign investors such as Macquarie Group and a wholly owned subsidiary of Abu Dhabi Investment Authority, one of the state’s sovereign wealth funds, also participated in the latest funding round.

This brings Megvii’s total...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222