Face-recognition start-up Megvii said to raise $100 million

Hong Kong/Beijing: Megvii Inc., a Chinese developer of facial-recognition technology, has raised at least $100 million from investors including Foxconn Technology Group and CCB International Holdings Ltd, according to people with direct knowledge of the matter. The owner of Face is still in talks with other investors for more funding, the people said, asking not to be named because the matter is private. Megvii confirmed it's raising funds while declining to comment on the specific amount. It plans to work with investors to improve facial recognition technology, especially in the financial industry, smart cities and robotics, the company said in an e-mailed statement. Megvii provides face-scanning systems to Ant Financial, which operates the dominant payments service on Alibaba Group Holding Ltd's online shopping platforms.