China’s Facial Recognition Startups Are Getting The Nod From Big Investors And Are Thus Placing Their Bets On Them

0

It is total opposite to what is happening at China. Facial recognition technology is being criticized in the Silicon Valley of USA, whereas, the same is being regarded on a high order by China’s investors.

Facial Recognition
Facial Recognition

In July, 2018, the startups of China, who were dealing with facial recognition technology, has raised almost $1.6 billion. That is indeed a very hefty amount, to say the least. These amount of billion dollars are invested on top on the already investments done by the investors, upon various companies.

China’s capital Beijing, has accepted the facial recognition technology, and is thus creating a nice environment to  for various companies to test their systems out, in contrary to what is happening in the USA.

This will make China deploy very much advanced systems much faster, and much more on a greater scale than USA. Out of the $100 billion of Softbank’s Vision Fund, a mere $1 billion was trying to get invested in a company known as SenseTime. This company creates facial recognition tech, which is used for monitoring CCTV footage, as well as validating consumers during digital payments told us cctv systems in kerala.

It has been reported by Bloomberg that, a Chinese AI company, know as Megvii, is getting a funding close to $600 million. Companies like Alibaba, samsung cctv dealer in kerala
and a Hong Kong based company, known as Boyu Capital, will contribute in this matter.

Megvii is the developer of Face++, which is very much used in China – for example, it is used to gain access to certain users in a building, and things like these. SenseTime was founded back in 2014, and since then, it has already gathered $1.6 billion. S&P Global Market Intelligence has valued the firm at around $4.5 billion. There are various investors included here, including Alibaba and even Qualcomm.

Megvii has received almost $460 million, from companies such as Foxconn and the likes. It has also received investments from various Moscow based Russian investors as well.

The facial recognition technology created by Megvii and Sensetime, uses artificial intelligence, in order to separate one user from another, and thereby found a very practical use in real life scenarios. This is very much similar to what we’ve seen in Apple’s FaceID or Facebook using facial recognition, to log into an account.

These softwares can also be a threat to the privacy of consumers. Still, the Chinese Government plans to use facial technology on a nationwide basis. The country as a whole is pushing for better technological development.

These startups have close ties with the Government, along with the Police Department in China as well. Sensetime has been able to process 500 million identities, and this number could not be replicated by any other company in the US. Various companies like Amazon, Microsoft and Google has received backlash over the use of facial recognition technology. Therefore, this makes a very different scenario, where Chinese companies are developing more facial recognition technology, whereas American companies are slowly starting to back out.

SHARE
Surinder Singh
Surinder is a Computer Science Diploma holder and love to play with Android smartphones. He keeps eyes on latest firmware updates, latest leaks about smartphones & upcoming gadget accessories. You can connect with him on social media.

LEAVE A REPLY