×
You will be redirected back to your article in seconds

Alibaba Leads $600 Million Funding of AI Developer SenseTime

Chinese e-commerce giant Alibaba has led a $600 million funding round for SenseTime, a leading artificial intelligence startup.

The company claims to be China’s leading AI platform and algorithms supplier. It specializes in fields including facial and image recognition, autonomous driving, medical imaging and deep-learning hardware optimization. The new capital is expected to help it open new businesses.

The capital injection was SenseTime’s third, or Series C, funding round. Other premium investors joining Alibaba include Singapore’s sovereign wealth fund Temasek and Chinese retailer Suning. SenseTime previously raised $410 million in its B series in July last year.

Artificial intelligence and robotics are a key battleground for Chinese tech firms which are seeking to emerge from the shadow of Silicon Valley. Many commentators in Asia have suggested that the recent tariff increases and battle over intellectual property announced by U.S. President Donald Trump are specifically targeted with the intention of preventing China’s planned economic transformation and expansion into cutting-edge industries.

“We are especially impressed by their R&D capabilities in deep learning and visual computing. Our business at Alibaba is already seeing tangible benefits from our investments in AI, and we are committed to further investment. Our strategic partnership with SenseTime will spark more innovation and create value for society,” said Alibaba vice chairman Joe Tsai in a statement.

SenseTime boasts 400 business partnerships in China and abroad, mostly in the financial technology, security, mobile Internet and retail sectors. These include deals with Qualcomm, to increase the intelligence of smartphones; with Honda to provide autonomous driving technologies; with Suning, to leverage facial recognition for check-out free shopping. It is also partnered with the Massachusetts Institute of Technology on MIT’s Intelligence Quest project.

More Biz

  • Colin Kaepernick Kneel

    Colin Kaepernick, Eric Reid Reach Settlement With NFL

    Colin Kaepernick and Eric Reid, two football players who alleged the National Football League colluded to oust them from the game after they started kneeling in protest of racial inequality during the playing of the national anthem, have reached a settlement in the matter, according to a statement from the sports organization and lawyers representing [...]

  • R. Kelly

    R. Kelly Could Be in ‘Big Trouble’ Over Alleged New Sex Tape, Attorney Says

    Strong allegations of sexual misconduct have followed R. Kelly for 25 years, but the singer has always managed to slip free. Yet reports that a videotape of him sexually assaulting an underage girl, combined with the outcry surrounding the Lifetime documentary “Surviving R. Kelly,” means that public sentiment, at the very least, is definitely not [...]

  • Christian Bale as Dick Cheney in

    New Media Residuals and Feature Films Contribute to Spike in Writers' Pay

    The outlook for members of the Writers Guild of America has brightened — even amid pervasive uncertainty in the entertainment industry. According to the most recent report to WGA West members, earnings surged 2.8% to $1.41 billion in 2017, thanks mostly to gains in feature films and new-media residuals. Total covered earnings for WGA West [...]

  • Joe Dante Gremlins

    Hollywood Execs Seek Licensing Deals at the New York Toy Fair

    On Feb. 16 more than 30,000 studio executives, buyers and toy company reps will gather in Manhattan for the annual Toy Fair New York, all vying for market share and trying to snag the latest hot trend in a fast-changing industry. Those working the film side of the business will focus much of their attention [...]

  • Lady Gaga Bradley Cooper A Star

    Universal Music Group Fuels 11.3% Rise in Vivendi's 2018 Revenues

    Vivendi’s revenues were up 11.3% to €13.93 billion ($15.7 billion) in 2018, powered by Universal Music Group, which delivered such hits as the “A Star Is Born” soundtrack and Drake’s new album. UMG’s revenues climbed by 10% to €6 billion ($6.8 billion) compared to 2017. On top of the “A Star Is Born” soundtrack, the [...]

  • The Blacklist 100th Episode

    'The Blacklist' EP Sues for Wrongful Termination

    A former executive producer of the NBC show “The Blacklist” has filed suit against Sony, alleging he was fired after being wrongfully blamed for a workplace scuffle. Michael Watkins is a veteran TV director and cinematographer. He was an executive producer for several seasons of “The Blacklist,” the NBC crime show starring James Spader. According [...]

  • TV set livingroom

    Studios Sue Omniverse in TV Streaming Crackdown

    The major studios filed a copyright infringement suit against Omniverse One World Television on Thursday, as they continue to crack down on illicit streaming services. Omniverse provides packages of TV channels to various streaming providers, including SkyStream TV, Flixon TV, and HD Homerun. Jason DeMeo, the head of the company, asserted in an interview with [...]

More From Our Brands

Access exclusive content