China-based deep learning technology developer SenseTime has raised $120m from investors including property-focused conglomerate Dalian Wanda Group, China Money Network reported today.
The round was led by alternative asset management firm CDH Investments and also featured IDG Capital, which invests as US-based media company International Data Group’s local venture capital affiliate, and VC firm StarVC.
Founded in 2014, SenseTime claims it is the only China-based company developing its own deep learning algorithms and infrastructure, and has produced applications that recognise faces, objects, vehicles and language.
The technology can be used for online verification and security, or for more efficient organisation in online or mobile applications.
The funding will support the further enhancement of SenseTime’s deep learning technology as it prepares to develop new applications. IDG Capital had previously invested $10m in the company in 2014.