China, Russia Put Millions in This Startup to Recognize Your Face
- Face++ said to attract China state venture fund, Ant Financial
- Russia-China Investment Fund, SK Group also took part
This article is for subscribers only.
Megvii Inc., a Chinese developer of facial-recognition technology, has raised about $460 million from investors including billionaire Jack Ma’s Ant Financial and one of China’s largest state-backed venture funds, according to a person familiar with the matter.
The Beijing-based company, also known as Face++, has attracted several other investors including the Russia-China Investment Fund, a venture backed by sovereign wealth funds of the two nations, and SK Group, the person said, requesting not to be named because the matter is private. The funding will give the startup a valuation of at least $1 billion and may be announced as soon as Tuesday, the person said.