Sunday, June 24

China AI-start up raises record $600 million led by Alibaba

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SenseTime has raised $600 million, with Alibaba leading the funding round backed by other investors such as Singapore investment firm Temasek and retailer Suning.

Including the last funding round, SenseTime has raised over $1 billion since last July.

This latest capital injection is for the build-out of SenseTime’s AI platform.

In a statement, Li Xu, SenseTime co-founder and CEO added that the funding will also help widen the scope for more industrial application of AI.

Joe Tsai, executive vice chairman of Alibaba,  noted that the Group is particularly impressed by SenseTime’s R&D capabilities in deep learning and visual computing.

The AI start-ups high-performance deep learning supercomputing platform is one of China’s largest at over 8,000 GPUs.

It is able to support building models with hundreds of billions of parameters, categorizing hundreds of millions of data and training billions of images.

As to date, it has become China’s largest AI platform company and AI algorithms supplier.

In February 2018, Massachusets Institute of Technology announced that SenseTime was the first company to join its Intelligence Quest project and the two parties created an AI alliance to define the next frontier of human and machine intelligence.

MIT IQ seeks to put into action the institute’s strengths in brain and cognitive science and computer science to advance research into human and machine intelligence.

Any discoveries will be applied to diverse fields – from materials design to finance to early disease diagnosis – while considering the economic, cultural, and ethical implications of AI.

In March 2018, the AI start-up formed partnerships with several large Chinese state-owned enterprises based in Shanghai such as the INESA Group and Lingang Group stemming from government agreements.

Here, SenseTime will use its AI technologies to help the city on multiple initiatives including smart finance.

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