China's AI start up Megvii is targeting to raise $500 mn at $3.5 bn valuation- Technology News, Firstpost

Chinese artificial intelligence provider Megvii, commonly known as Face, is targeting to raise $500 million in a new funding round that pegs the current valuation of the firm at $3.5 billion, people with knowledge of the matter said. Bank of China Group Investment Ltd, the state bank's private equity (PE) arm, is looking to lead the fundraising with $200 million, two of the people told Reuters, declining to be named as the information is confidential. Terms of the fundraising have not been finalised, the people added. Beijing-based Megvii declined to comment. Bank of China's PE arm did not respond to a request for comment.