China-based artificial intelligence (AI) technology producer SenseTime has received $227m from internet and e-commerce group Alibaba, China Money Network reported today.
The deal, which has not been officially confirmed, reportedly valued SenseTime at $3bn post-money. It is not clear if Alibaba made the commitment as part of a $500m series C round that SenseTime is reportedly in the process of raising.
Founded in 2014, SenseTime is developing computer vision and deep learning technology to power facial and image recognition as well as language processing and vehicle identification.
Earlier this month, semiconductor producer Qualcomm invested an undisclosed amount in SenseTime, reportedly as part of the aforementioned series C round. The two will collaborate on integrating SenseTime’s algorithms into Qualcomm’s AI chips.
SenseTime previously obtained $410m in a series B round in July 2017 that featured real estate-focused conglomerate Dalian Wanda, CDH Investments and IDG Capital.
The series B round further included StarVC, China International Capital, Co-Stone Capital, China Merchants Securities International, Morningside Venture Capital, Everbright-IDG Industrial Fund, Advantech Capital, Zhongping Guoyu Asset Management, Huarong International Financial Holdings, TCL Capital, Infore Group and Sailing Capital.
IDG Capital previously led a series A round, though further details about that transaction have not been revealed.