China-based deep learning technology provider SenseTime Group and asset management firm CDH Investments are raising RMB3bn ($453m) for a specialist investment fund, Reuters reported today, citing two sources with knowledge of the matter.
The as-yet unnamed fund will target artificial intelligence (AI) technology developers worldwide, and SenseTime and CDH will manage it as general partners, according to one of the sources. They did not disclose how much capital each will provide.
SenseTime is developing deep learning technology that will enhance electronic recognition of human faces and bodies, objects, vehicles, text and characters, as well as strengthening image processing.
CDH was among the investors in SenseTime’s last funding round, a $410m series B closed in July this year that reportedly valued it at more than $1.5bn, and which included property-focused conglomerate Dalian Wanda.
Sailing Capital International, IDG Capital, StarVC, China International Capital, Co-Stone Capital, Advantech Capital, Zhongping Guoyu Asset Management, China Merchants Securities International, Morningside Venture Capital, Everbright-IDG Industrial Fund, Huarong International Financial Holdings, TCL Capital and Infore Group are also SenseTime investors.
SenseTime’s launch of the fund is the latest in a series of dedicated AI funds launched by corporates in the past year, including vehicles for software producer Microsoft, enterprise software supplier Salesforce and internet technology provider Google.