BEIJING: Megvii Inc, the Chinese developer of facial recognition system Face++, is said to be raising at least US$600mil from investors including Alibaba Group Holding Ltd and Boyu Capital, according to people familiar with the matter.
The Beijing-based company, which already counts billionaire Jack Ma’s Ant Financial and one of China’s largest state-backed venture funds as investors, would close this round of funding within weeks, the people said, asking not to be named because the matter is private.
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