Beijing XianLife E-Commerce, a China-based business-to-consumer food retailer, has raised an undisclosed amount from investors including facial recognition technology provider Megvii, China Money Network has reported.
The round, sized in the eight-figure dollar range, included a South Korean consortium led by SBI Investment, part of financial services provider SBI, that also contained investment vehicles for telecoms technologies provider K-Net, financial services firm Woori Bank and Korea Investment Partners.
XianLife was founded in 2014 to provide operational and integrated solutions to China’s convenience store industry. It signed a strategic cooperation agreement with Megvii in May this year to jointly establish a new retail research institute.
The company also said one of its subsidiaries, Hi-24, a Chinese smart community platform it acquired for $84m in October 2017, had closed a new round of financing from Megvii, which is also known as Face++, in early November 2018.
XianLife had previously raised $10m in series A funding from Bertelsmann Asia Investments, an investment representative of media group Bertelsmann, and asset management firm CDH Investments in 2015, according to China Money Network.
