China-based artificial intelligence technology developer CloudWalk Technology has raised an undisclosed amount in a series B-plus round featuring leasing services provider Bohai Capital, China Money Network reported on Monday.
The round increased the company’s overall funding to RMB3.5bn ($505m) and included Yuexiu Financial Holdings, China Reform Fund, Oriza Holdings, Atlas Capital Group, SFund International Holdings, Technology Financial Group and private investor Liu Yiqian, according to a statement on CloudWalk’s WeChat account.
CloudWalk develops facial recognition software and hardware systems for use in industries such as aviation, security and financial services, and its customers include some 400 banks as well as police departments in 29 Chinese provinces.
The company secured $75m in a November 2017 series B round co-led by Shunwei Capital, Oriza Holdings and Puhua Capital that was completed alongside $301m of funding from the city of Guangzhou’s municipal government.
The 2017 round was also backed by Yuexiu Financial Holdings, Shenzhen Qianhai Xingwang Investment and a joint investment venture formed by Galaxy Holding and industrial park operator Zhangjiang Group.
Artificial intelligence technology provider PCI-Suntek Technology had invested approximately $7.3m in CloudWalk in 2015 before the latter raised an undisclosed amount in a December 2016 series A round, according to China Money Network.
