Chinese AI player Intellifusion raises $141m
Forebright Capital, Walden International and state-owned Utrust Fund have led a RMB1 billion ($141 million) pre-IPO round for Chinese artificial intelligence (AI) technology developer Intellifusion.
Other investors include Topping Capital, the international investment arms of China Construction Bank and China Bank of Communications, a fund operated by Bank of China and Utrust, Tsinghua Holdings Capital, Shenzhen Publishing Group, HCSD Capital, and Sino-US Venture Capital.
Established in Shenzhen in 2014, Intellifusion focuses on the field of visual intelligence. It made its name by helping Shenzhen police identify individuals violating traffic regulations, including drivers and jaywalkers. The names and faces of offenders were displayed on nearby LED screens.
Intellifusion claims to have built a "dynamic portrait recognition system" that has assisted the police in the recovery of more than 300 missing persons. The technology has been implemented in more than 100 cities in China and Southeast Asia.
Following the COVID-19 outbreak, the company launched an AI prevention and control program. It leverages facial recognition, AI temperature measurement, historical trajectory analysis, and relationship map analysis to combat the spread of the virus.
The highest-profile companies in China's AI-enabled visual recognition space are SenseTime and Megvii Technology, both of which have received substantial private funding. Last year, Megvii filed to list in Hong Kong.
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