Chinese computer vision company Yitu announced today that is has secured US$200 million in its C+ funding round, with investments from GC Capital, ICBC International, and SPDB International.
Founded in 2012, Yitu received its seed funding from Sequoia Capital China in August 2013. In 2015 Yitu completed an A round led by Gaorong Capital, and in June 2016 closed its B round with investments led by YF Capital. Yitu’s C round brought in an impressive US$380 million, led by Sequoia Capital China and YF Capital.
Yitu is renown for its computer vision technology. The company made headlines when its tech helped local police in Suzhou track down a burglar and vehicle from surveillance video in only ten minutes. Along with its work in the security field, Yitu has also successfully applied its technology in finance and healthcare. The company upgraded more than 12,000 Chinese ATMs to enable users to access their bank accounts via facial-recognition technology; and developed a deep learning powered medical imaging platform for lung cancer detection that can accurately and efficiently identify lung nodules.
Yitu has now amassed more than US$600 million in funding (not counting the undisclosed amounts from its A and B rounds). Yitu is one of China’s four AI unicorns, along with Face++, Cloudwalk and SenseTime. The competition has also been doing well with funding: Face++ got US$460 million in its C round last October, Cloudwalk US$500 million in its B round last November, while SenseTime closed its C+ Round just last month with US$620 million. All four unicorns focus on computer vision with similar applications, including facial recognition for security.
Author: Alex Chen | Editors: Michael Sarazen