12 Apr Alibaba-funded SenseTime Now the World’s Most Valuable AI Startup
Analyst firm CB Insights reported that a Chinese startup SenseTime had received $600 million in a new round of funding this week, making it the most valuable AI startup in the world. The funding, led by Alibaba, has put SenseTime’s total valuation at around $4.5 billion.
Experts have noted that there were three main reasons for the generous inflow of money from the government and private entities into China’s AI industry. One is that the country’s investments in AI is seen as a measure of progress in its competition with the US. Secondly, it has been established that image analysis that use AI, such those for AR filters and identity verification, has become a very lucrative application.
However, the biggest reason for the lavish infusion of money into AI would be for video surveillance, which is a big deal in China according to SenseTime investor Justin Niu. He adds that the government has allotted a huge part of its budget for the development of the technology as it will help authorities impose greater control over society.
Source: The Verge