CDH and SenseTime Group invests in artificial intelligence

  China’s CDH Investments and Hong Kong-based start-up SenseTime Group are raising about 3 billion yuan ($453 million) to invest in firms working on artificial intelligence (AI) technology.

  The companies’ plan for the fund, which according to the sources will be mainly used to invest in growth-stage AI start-ups worldwide, comes amid Beijing’s drive to be a leader in the technology that is increasingly becoming key to various sectors.

  Beijing-based investment firm CDH and SenseTime, which provides technology-based applications like facial recognition, video analyzing and autonomous driving, will act as co-managers of the fund.

  In July, SenseTime had raised $410 million, led by CDH and China’s state-backed fund Sailing Capital, in a deal that marked one of the largest fundraising rounds by an AI firm and valued it at over $1.5 billion.