Megvii raised $750 million in latest financing

Leading Chinese artificial intelligence company Megvii Technology Ltd announced on Wednesday that it had closed the second tranche of its Series D equity financing, bringing total proceeds received in its Series D round financing to approximately $750 million.

Investors include Bank of China Group Investment Ltd; a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Macquarie Group and ICBC Asset Management (Global) Co Ltd.

The company said in a statement that it expects to use the funds raised to further strengthen its technology advantages in deep learning, to accelerate the commercialization of its AI-enabled solutions, and to recruit top-notch talents to offer more customers even better services, and to pursue international expansion.

Yin Qi, Founder and CEO of Megvii, said, "We are excited to welcome these investors to Megvii to help us progress to the next phase of our growth, and we appreciate their faith in our strategic direction and potential."

"Megvii is dedicated to creating AI innovations that solve societal and industrial challenges. With the help of our investors and customers, we aim to accelerate our development as a trusted global leader in AI and IoT, empowering humans and enabling industrial progress,'' he added.

Andrew Downe, Asia regional head of commodities and global markets at Macquarie Group, said, "Megvii is a global AI technology leader and innovator with cutting-edge technologies, a scalable business model and a proven track record of monetization. We believe the commercialization of artificial intelligence is a long-term focus and is of great importance."