AI startup SenseTime raises US$620 million

SenseTime, an artificial intelligence startup, said on Thursday it raised US$620 million in the latest round of financing as investors ride on the investment wave in AI in China.

The latest investment brings SenseTime's capital raising to more than US$1.6 billion, valuing the startup at over US$4.5 billion and making it the world’s largest and most valuable AI unicorn firm, the company said.

The latest round of financing has lured leading investors such as Fidelity International, Hopu Capital, Silver Lake and Tiger Global. Qualcomm Ventures ands other investment firms also took part.

SenseTime's AI technology and applications are used in smart cities, smartphones, Internet entertainment, automobiles, finance, retail, and other industries.

In 2017, the startup became profitable for the first time. It business revenue has surged more than 10-fold so far this year. SenseTime has more than 700 strategic partners and customers including MIT, Qualcomm, NVIDIA, Honda, Alibaba, Suning, China Mobile, UnionPay, Wanda, HNA, Huawei, Xiaomi, OPPO, vivo, Weibo and iFLYTEK.