Megvii, a Chinese developer of facial recognition technology Face++, has raised over USD 100 million in a funding round supported by Foxconn and CBB International, Bloomberg reported, citing sources with direct knowledge of the matter. Megvii is still in talks with other investors to raise more money. The company confirmed it is raising fund but declined to comment on any specific amounts. It has also attracted funding from Qiming Venture Partners and Sinovation Ventures.
Megvii says it plans to work with investors to improve facial recognition technology, especially in the financial industry, smart cities and robotics. The company provides face-scanning systems to Alibaba’s Ant financial. The company is working with Ant Financial on a system that would allow users to set up bank accounts online through facial scans. Megvii said Face++ does not compromise privacy because no companies or users can see the police data.
