(NEW YORK) — Qualcomm Inc. is investing heavily into Chinese A.I. start-ups, and closes investment in Chinese startup SenseTime Group.
SenseTime and Qualcomm (NASDAQ:QCOM), had announced a strategic tie last month to collaborate on AI, which will see SenseTime’s proprietary algorithms deployed in smart devices.
SenseTime is developing technology that employs AI to quickly identify and analyse identities using cameras, and has been used in limited tests by Chinese authorities to track and capture suspects in public spaces such as airports and festivals.
The Company plans to raise about $500 million in a new funding round, in what would be the biggest ever fundraising by an AI startup. The fundraising will value SenseTime at about $2 billion and has drawn interest from prospective investors, including Singapore state investor Temasek, CDH Investments, and China’s state-backed fund Sailing Capital.
The startup is one of several A.I. facial recognition firms in Greater China that are rapidly raising capital from local and foreign investors amid a multibillion dollar global drive to develop advanced facial recognition technology.
New York Based Start-Up
AI VentureTech, a technology accelerator and advisory firm focused in the areas of artificial intelligence and automation, announced plans to develop a suite of technologies geared specifically for the Chinese market.
Along with opening a research facility in New York City, the Company is also explore developing A.I. development center in Beijing, China due to the positive government regulatory environment, and dynamic growth potential for Automation and Artificial Intelligence in the region.
China Push for AI
In July 2017, China’s State Council issued plan to invest heavily in Artificial Intelligence (AI) and automation technologies in the next 10 to 15 years, with plan to become the world leader in A.I. by year 2030.
In a timeline laid out within the new policy, the government expects its companies and research facilities to be at the same level as leading countries like the United States by 2020. By the year 2025, China is calling for breakthroughs in select disciplines within A.I. that will become “a key impetus for economic transformation.”
By 2030, China is dedicated to become the “world’s premier artificial intelligence innovation center”, which is projected to be worth around 1 trillion Yuan ($150 billion).
Since the release of this imitative a large number of local governments have created special plans and built out research centers to focus on A.I. Many economic regions are spending hundreds of millions of dollars, but some have earmarked even more. In June 2017, the government of Tianjin, an eastern city near Beijing, said it planned to set up a $5 billion fund to support the A.I. industry, and an “intelligence industry zone” that will sit on more than 20 square kilometers of land.
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About AI VentureTech
AI VentureTech is a New York based technology accelerator and advisory firm focused on start-ups in the areas of artificial intelligence, and automation. The technology advisory division assists startups in the areas of business analytics, data mining, machine learning, artificial intelligence, visualization tools, predictive modeling, and cloud advanced analysis in capital formation, funding, and mergers and acquisitions. Our research consulting team of data scientists will assist our clients in transforming their companies data so it can be used to inform, improve, and enable key management decisions.
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