China's AI startup SenseTime has raised USD 620 million in a Series C+ round of financing on May 31st jointly led by HOPU Investment, Silver Lake Partners, Tiger Fund, and Fidelity International. Shenzhen Capital Group, Bank of China Group Investment Ltd., and Shanghai FTZ Fund have also participated in the round as strategic investors.
SenceTime's total financing has exceeded USD 1.6 billion with evaluation exceeding USD 4.5 billion. It is an AI company with the largest number of financing and highest evaluation in the industry in the world. In 2017, SenseTime became profitable and has rapid growth in the areas of smart city, smart phone, online entertainment, automobiles, finance and retail.
Recently, SenseTime released a series of innovative products including SenseMedia, a video review platform, SenseFoundry, a city-level visual analysis platform, and SenseDrive, a driver monitoring system. Furthermore, SenseAR the only original AR platform of China. It has broken the monopoly by Google's AR Core and Apple's AR Kit on AR engines.
SenseTime's operating revenue has maintained a year-over-year (YoY) growth of 400% for recent three consecutive years. With rapid scenario implementation in real-world applications, its 2018 main business contractual revenue has grown more than 10 times on a YoY basis.
In the last month or more, SenseTime signed a contract with Shanghai Keolis, the largest domestic metro company, to implement practical applications of transportation and travel scenario. It also signed a contract with Chengdu Municipality to implement the A.I. platform for the “Belt and Road” regional headquarters and expand its market in the Western region. In addition, it jointly established the AI lab in Hong Kong with Alibaba Group and Hong Kong Science and Technology Parks Corporation, the first project built in response to the Central government's call for supporting Hong Kong's bid to become an international science and innovation center.
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