Chinese artificial intelligence (AI) solutions provider Megvii Inc., commonly known as Face++, announced that it had completed a $750 million funding round.
Led by Bank of China Group Investment, which invested $200 million in the round, existing investor, Alibaba, Macquarie, ICBC Asset Management and a unit of the Abu Dhabi Investment Authority also joined the fundraising.
Megvii plans to use the new funds to strengthen its technology capabilities in deep learning, accelerate the commercialization of its AI-enabled solutions, recruit talent and finance global expansion.
With the latest financing round, Megvii‘s valuation has been boosted to slightly over $4 billion as it prepares for an initial public offering in Hong Kong planned for later this year.