Two Chinese Unicorns Raise More Money

Separately, SenseTime Group Ltd., an artificial-intelligence company, this week said it received $620 million in fresh funds, less than two months after a $600 million funding round led by Chinese e-commerce giant Alibaba. The latest round, which drew investments from Fidelity International, Hopu Capital, Silver Lake, Tiger Global and Qualcomm Ventures, valued Sensetime at $4.5 billion. Investors from the U.S. to China have been plowing cash into technology unicorns--private companies with valuations of over $1 billion. China is home to more than 100, many having tapped global investors' sustained enthusiasm for companies positioned to gain a competitive edge in China's fast-growing internet consumer industry. Shanghai-based Xiaohongshu, which prefers to be known as Red, was started in 2013 by a pair of young entrepreneurs.