The world’s most valuable artificial intelligence start-up? That would be China’s SenseTime which now comes in at a healthy $4.5bn after raising $600m from online retail giant Alibaba and other investors.
SenseTime is on a roll and said last month that it was looking to raise around RMB5bn to launch an investment fund for Chinese AI firms. Earlier MIT announced that SenseTime was joining the MIT Intelligence Quest Platform to research human and machine intelligence, looking at economic, cultural, and ethical implications.
The success of SenseTime, which specialises in facial recognition, will please the Chinese government which wants China to become an AI global leader by 2030. The State Council issued a development plan last year aimed at making the sector a new and important driver of economic growth.