Biz / Tech

CloudWalk raises additional 1.8 billion yuan in financing

Zhu Shenshen
Backers of the emerging AI giant include China Internet Industry Fund, Guosheng Group, Nansha Financial Holdings and Industrial and Commercial Bank of China.
Zhu Shenshen
CloudWalk raises additional 1.8 billion yuan in financing
Zhu Shenshen / SHINE

CloudWalk has set up a facility in an AI industry park in Zhangjiang, displaying latest technologies and services including smart city projects.

Chinese artificial intelligence firm CloudWalk Technology has raised 1.8 billion yuan (US$257 million) in its latest round of financing, the company said on Thursday.

Investors in the new round include China Internet Industry Fund, Shanghai-based Guosheng Group, Guangzhou-based Nansha Financial Holdings and Industrial and Commercial Bank of China (ICBC), the country’s biggest bank. 

The latest investment points to rebounded market confidence and marks CloudWalk’s next step toward an initial public offering, the company said in a statement.

CloudWork is among China's “Four AI Dragons,” along with Megvii, SenseTime and Yitu, each of which is valued at more than US$1 billion.

CloudWalk offers services covering smart finance, urban management, transportation and retail, with AI technologies like computing vision and data analysis.

In Guangzhou and Chongqing, it has become a major supplier of smart city projects.

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