China State VC Leads $460 Million Funding in Face-Scan Startup
- Megvii raises money from government-backed venture firms
- Ant Financial, China state-backed venture fund invests
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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.
The Beijing-based company, also known as Face++, has attracted several other investors including SK Group and the Russia-China Investment Fund, a venture backed by sovereign wealth funds of the two nations, the company said in a texted statement on Wednesday.