https://wccftech.com/megvii-alibaba-backed-unicorn-files-for-ipo-in-hong-kong/

Megvii – the Alibaba Group Holding Ltd. (NYSE:BABA) funded Chinese unicorn which was reportedly gearing up for an IPO filing in Hong Kong soon – has gone and done it.  The second-largest Chinese artificial intelligence start-up had recently raised over $750 million in a series-D round of funding at a valuation of $ 4 billion.  In a statement, the company had said it was seeking further funding through public subscription to enable greater investment in hardware technological competencies and bringing artificial intelligence solutions to the market.

Megvii offers a suite of facial recognition services, the most recognizable product being the facial identification software “Face++”. This includes verification services to Chinese citizens and serving the state’s extensive surveillance apparatus ( the Ministry of Public Security in particular) as well as software to enable hardware solutions in robotics and the internet of things. Readers may remember Megvii’s biggest rival and the biggest artificial intelligence start-up in the world – SenseTime. Although for the time being boasting almost twice the valuation of its sibling – at $7.6 billion – SenseTime has nonetheless been beaten to the financial market by Megvii. Furthermore, as was reported earlier, Alibaba Group Holding Ltd. is also looking to enter Hong Kong at a more opportune time.