SenseTime, the China-based computer vision software provider backed by corporates Suning, Qualcomm, Alibaba and Dalian Wanda, is lining up $1.5bn in new funding, Reuters reported on Friday.
The round is set to value the company at $10bn, according to three people with knowledge of the matter, two of which told Reuters of the proposed size of the round. It is expected to precede an initial public offering on the Shanghai Stock Exchange’s Star Market.
Founded in 2014, SenseTime provides artificial intelligence-equipped image recognition software used in areas such as security, autonomous vehicle sensors and medical imaging equipment. It had projected about $750m in revenue for 2019 but has not confirmed those figures.
The company has so far disclosed $1.6bn in funding, having closed a $410m round that included real estate conglomerate Dalian Wanda and diversified investing holding group Infore Group in 2017 at a valuation exceeding $1.5bn.
CDH Investments, IDG Capital, StarVC, Sailing Capital International, 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 and TCL Capital also took part in the round.
E-commerce firm Alibaba provided $227m for SenseTime later the same year at a $3bn valuation, an investment that may have made up its contribution to a $600m series C round also featuring retail group Suning and Temasek that closed in April 2018.
SenseTime added $620m in a series C-plus round featuring mobile chipmaker Qualcomm’s investment arm, Qualcomm Ventures, as well as investment and financial services group Fidelity, Hopu Capital, Silver Lake and Tiger Global Management two months later at a $4.5bn valuation.
