China-based artificial intelligence technology developer Aibee has raised $60m in a series A round co-led by furniture retailer Red Star Macalline Group, China Money Network reported today.
Venture capital firm Sequoia Capital co-led the round, which also featured Lenovo Capital and Incubator Group (LCIG), the accelerator and venture capital arm of computer manufacturer Lenovo, and 2VC, Zhongli Hecai Capital and C Ventures.
Founded in 2017, Aibee has developed facial and speech recognition, computer vision, natural language processing and big data analytics technologies to develop products such as customer tracking and product identification.
The company is initially focusing on brick-and-mortar retailers and travel services providers. It will use the series A funding to develop customised products for Red Star Macalline to help it reduce labour costs and increase the efficiency of its malls.
Aibee previously raised $15.7m from shopping centre operator K11 in May, following a $23m angel round led by Kinzon Capital, an investment arm of conglomerate Fosun, with participation from LCIG, Sequoia and Zhen Fund in January this year.
