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INFORMATION TECHNOLOGY, MARKETS & INVESTING | Staff Reporter, Hong Kong
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Chinese AI startup Megvii Technology clinches US$750m ahead of Hong Kong IPO

The latest funding round puts the value of the company at around US$4b.

Artificial intelligence (AI) provider Megvii Technology, also known as Face++, has raised US$750m in its latest funding round, a report by Reuters revealed.

The funding raises startup Megvii’s valuation to slightly over US$4b as it prepares for an initial public offering (IPO) in Hong Kong planned for late 2019, said two sources with knowledge of the matter.

Bank of China Group Investment (BOCGI), the state bank’s private equity arm, led the fundraising with $200m, they said.

Megvii, also backed by Foxconn Technology, has enlisted Citigroup, Goldman Sachs and JPMorgan to work on its Hong Kong IPO, said the second of the two sources.

Read the full report here.

Photo from Reuters.

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