Chinese AI startup dwarfs global rivals with $4.5 billion valuation

SenseTime, which specializes in software that can identify people's faces in surveillance videos, said Monday that it had secured $600 million in fresh funds and is already in talks with investors to raise more money. The second biggest AI startup is also Chinese: Shanghai-based Yitu Technology with a valuation of about $2.4 billion. Related: China's Didi said to be worth $56B after raising more cash SenseTime tapped big names for cash in its latest funding round, including China's leading e-commerce company, Alibaba (BABA). It had already announced an investment from US computer chip maker Qualcomm (QCOM) last year. The new funding will "help us widen the scope" for putting artificial intelligence to use in different industries, SenseTime CEO Li Xu said in a statement. Specifically, the company said it will pump more money into areas like security, smartphones, advertising and autonomous driving.