China's AI startup targeting to raise $500 million
Image Credit: Reuters
Megvii Inc, popularly known as Face++ is a Chinese Artificial Intelligence provider and their current evaluation is $3.5 billion. They are targeting to raise $500 million in a new funding and Bank of China Group Investment Ltd will lead the fundraising with $200 million. However, the terms of fundraising haven't been disclosed yet. China is investing in AI startup firms as Beijing wants to emphasize the technology.