Yitu extends Chinese AI fundraising spree

Shanghai-based facial recognition startup raises $200 million in yet another fundraiser from Chinese AI unicorns shortly after SenseTime and UBTECH.

Chinese artificial intelligence startup Yitu Technology is the latest to join the sector’s fundraising spree of late as it closed its series C round of fundraising on Wednesday, marking the third AI developer to tap private funding over the last three months.

Shanghai-based Yitu said it raised $200 million from ICBC International and SPDB International, the respective international businesses of Industrial and Commercial Bank of China and Shanghai Pudong Development Bank. Jiangsu G-Cheng Venture Capital also participated in the funding round.

These new investors join existing backers including Hillhouse Capital, Yunfeng Capital, Sequoia Capital, Gaorong Capital and ZhenFund, which invested in the AI startup in its...

¬ 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