Chinese AI video platform receives Series C1 funding
Video++, a Chinese artificial intelligence-driven advertising solutions provider that claims to serve 65% of domestic video-streaming sites, has secured a Series C1 round of funding.
The company didn't specify how much has been raised but it claims to have received over RMB1 billion ($146 million) in the last five months. During this period, Video++ closed a RMB349 million round led by Alibaba Group.
Major investors in the Series C1 include Ubtech Robotics, Sirius Venture Partners, Wenxuan Equity Investment Fund, Real Power Capital, CV Capital, and Hanfor Holdings. The capital will go towards R&D into artificial intelligence, which the company sees as its key competitive edge.
Video++, which was founded in 2014, uses computer vision technology to recognize faces, places, objects and brands, as well as other elements in video content. Advertisers use its self-developed system, known as VideoOS, to search content and establish how their products feature in videos.
The company claims to have 16,500 clients that serve more than 420 monthly million users. Customers include Jinri Toutiao's short video steaming mobile app Tiktok, Tencent Holdings-owned Douyu and Alibaba's Youku Tudou.
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