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May 9, 2019, 4:11 p.m. EDT

China : Chinese AI start-up Megvii raises US$750m ahead of planned Hong Kong IPO

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May 09, 2019 (Euclid Infotech Ltd via COMTEX) -- Chinese artificial intelligence (AI) provider Megvii Technology, commonly known as Face++, said on Wednesday it raised US$750 million in its latest funding round.

The funding raises start-up Megvii's valuation to slightly over US$4 billion as it prepares for an initial public offering (IPO) in Hong Kong planned for later this year, said two sources with knowledge of the matter.

Bank of China Group Investment (BOCGI), the state bank's private equity arm, led the fundraising with US$200 million, they said. BOCGI declined to comment on the fundraising.

Macquarie Group, ICBC Asset Management (Global) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, also joined the new round, Megvii said in a statement.

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