Beijing Wanlihong Technology, a China-based artificial intelligence and identity recognition technology developer backed by electrical appliance manufacturer Gree, has secured up to RMB300m ($42.4m) in funding, DealStreetAsia has reported.
The financing came from Cash Capital, the vehicle that manages investments for research institution Chinese Academy of Sciences, according to a company statement cited by DealStreetAsia.
Founded in 2001, Wanlihong provides a range of technology including iris recognition systems, governance software, cybersecurity, telecommunications and AI products.
The Cash Capital investment will be used to expand business development and bolster Wanlihong’s research and development capabilities as it seeks to grow its presence in China’s iris recognition sector. Chinese Academy of Sciences has been conducting research in the area since the 1990’s.
The company raised approximately $120m from Gree and Jingque Capital in September 2019, according to DealStreetAsia.
A vehicle known as Wanli Jincheng Investment had reportedly supplied an undisclosed amount of funding for Wanlihong in 2012 and remains its largest shareholder, controlling a 29.4% stake.
