China-based facial recognition technology developer CloudWalk has obtained RMB1.8bn ($254m) in a funding round backed by Haier Financial Holdings, a unit of home appliances manufacturer Haier, DealStreetAsia reported today.
A range of national and municipal government-owned entities also contributed, including investment company Guosheng Group, financial services firms Nansha Financial Holding and Industrial and Commercial Bank of China, as well as the China Internet Investment Fund.
Spun out of Chinese Academy of Sciences (CAS) in 2015, CloudWalk produces facial recognition software and hardware that is used by police departments in more than 30 provinces across China as well as financial services, aviation and security companies nationally.
The company did not reveal what it intends to do with the capital, but KrAsia reported separately that the company was mulling an initial public offering by the end of 2020.
CloudWalk previously raised an undisclosed amount of series B-plus funding from backers including leasing services provider Bohai Capital in 2018. DealStreetAsia cited deals database Tianyancha as claiming the round was worth $141m.
The round featured Yuexiu Financial Holdings, China Reform Fund, Oriza Holdings, Atlas Capital Group, SFund International Holdings, Technology Financial Group and private investor Liu Yiqian.
CloudWalk obtained $75m in a series B round co-led by Shunwei Capital, Oriza Holdings and Puhua Capital in 2017, secured alongside $301m of funding from the municipal government of Guangzhou.
The series B round included Yuexiu, 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 supplied approximately $7.3m in 2015 before CloudWalk reportedly added an undisclosed amount in series A capital in 2016.
