Artificial Intelligence Company in China Acquires $100M from Asset Management Firm
After securing 200 million dollars last month, Yitu tech, a China-based AI company has just grabbed another 100 million dollars from an asset management firm, CIIT.
Yuti recently announced to the CMN that its latest fund of $100M will continue as an investment accompanied by the previous $200M gain in its 3rd funding round last month. The recent investment by just one firm provides a look into the investment community involving themselves in VC and displaying possible investment funds for Chinese startups.
The latest funding will aid the company in its networking effort, aiming to dig deeper into corresponding industries as stated by the company this week. Lin Chenxi, previously employed at Alibaba computing and Zhu Long, a Ph.D. holder from UCLA, joined together and founded the company in 2012.
The company’s services and products have advanced significantly since its launch, providing security products like the DragonFly Eye ISS, a program developed through machine vision. Among its other activities include the development of better transport systems, healthcare initiatives aimed and providing upgraded visual systems for medical applications. Yuti also excels in designing machines with learning and adaptive capabilities.
This year, ICBC and SPDB, as well as Gaocheng, poured a collected two hundred million dollars during the company’s third investment round, funding the AI-based company. In 2017, a collected $55M was made by Yuti and a few other partners to fund Hillhouse Capital. Its second round of funding resulted in dozens of millions in dollars and prior to that, Sequoia and Gaorong Capital supported its initial investment round in 2014.